Insider Newsletters

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December 2020 – Insider Newsletter

HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue trading with the EU from 1 January 2021.

The furlough scheme has been extended until 31 March 2021, following a temporary extension last month.

Current capital gains tax rates are too complex and should be aligned with income tax rates, according to the Office for Tax Simplification (OTS).

Some self-employed workers fear submitting their 2019/20 tax return early might affect their ability to claim a fourth taxable grant from the Government.

November 2020 – Insider Newsletter

The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed.

The Government has extended the furlough scheme for employers until 30 November 2020, as a second lockdown in England looms to slow the resurgence of COVID-19.

Chancellor Rishi Sunak has promised to “balance the books” in a bid to plug a £208 billion hole in the UK’s public finances caused by COVID-19.

Up to three in five bounce-back loans (BBL) handed out during the pandemic might never be repaid, according to the National Audit Office (NAO).

October 2020 – Insider Newsletter

Ministers are reportedly considering halting plans to implement the planned national living wage increase from next spring.

New support measures for businesses and workers have been announced in the face of a rising tide of coronavirus.

The temporary increase to the annual investment allowance should be extended, according to the Association of Tax Technicians (ATT).

Up to £3.5 billion in payments made to employers under the furlough scheme might have been fraudulently claimed or paid in error, HMRC has said.

September 2020 – Insider Newsletter

The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed.

Almost two-thirds of small businesses in the UK experienced late or frozen payments as a result of the COVID-19 outbreak, a report has claimed.

The Government has closed a loophole which allowed employers to make furloughed staff redundant on reduced pay under the furlough scheme.

Less than a quarter of company directors are fully prepared for the end of the Brexit transition period on 31 December 2020, a survey by the Institute of Directors (IoD) shows.

August 2020 – Insider Newsletter

The Government has called for a comprehensive review of the capital gains tax system.

The second and final round of grants under the self-employed income support scheme (SEISS) opened this month, offering a smaller lump sum grant.

Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced.

Employees who opted out of their workplace pension due to COVID-19 should be encouraged back into saving sooner than auto-enrolment rules would usually allow, a Government committee has said.

July 2020 – Insider Newsletter

The UK’s economy experienced the largest monthly contraction on record in April 2020, shrinking by 20.4%.

The domestic reverse VAT charge for construction services has been delayed until 1 March 2021.

Only employees who have been furloughed for at least three weeks on or before 30 June 2020 are eligible for the final phase of the scheme.

Recipients of self-employed income support grants may not realise they are taxable, a tax group has warned.

June 2020 – Insider Newsletter

Bodies representing UK businesses have described their relief after the job retention scheme was extended until 31 October.

UK businesses have claimed more than £22 billion in government loans and guarantees to support their cash flow during the coronavirus crisis.

The UK is likely to be in the deepest economic recession since records began after the gross domestic product (GDP) contracted by 5.8% in March 2020.

HMRC has relaxed rules that usually restrict reimbursement for spending on office equipment for the rest of 2020/21.

May 2020 – Insider Newsletter

VAT rules for food and drink in the UK are “overly complex” and in need of reform, the Association of Taxation Technicians (ATT) has claimed.

HMRC intends to contact millions of people who are eligible for the self-employed income support scheme this month.

A petition calling on the Government to relax the criteria for self-employed people to access income support during the coronavirus crisis has received more than 340,000 signatures.

HMRC has deferred rolling out the second phase of Making Tax Digital (MTD) for 12 months due to the coronavirus.

April 2020 – Insider Newsletter

The Government has delayed extending the off-payroll working
rules to the private sector, as the UK fights to contain the
coronavirus pandemic.

Most small businesses in England will pay no business rates in
2020/21 in the wake of the coronavirus outbreak in the UK.

The point at which tapering of the annual pension allowance
kicks in increases by £90,000 for both threshold income and
adjusted income in 2020/21.

The number of capital gains tax small business owners can
potentially save when they sell their business has been cut by
90% for 2020/21.