Proposed R&D cap for SMEs published
On 12 November 2020, the details of the proposed Small and Medium-sized Enterprise (SME) Cap, which is due to come into effect on 1 April 2021, was published.
Accounting
ICAEW “questions” pension tax relief proposals
The Institute of Chartered Accountants in England and Wales (ICAEW) has raised concerns over proposals to alter the level of tax relief on pensions contributions for low-earners, arguing that any changes could burden businesses.
UK Export Finance scheme extended to more than 100 overseas territories
The Government’s UK Export Finance (UKEF) scheme has now been extended to support international trade in more than 100 countries, it has been announced.
Self-Assessment: HMRC announces new ‘enhanced payment plans’ for self-employed
From 1 October 2020, individuals who complete Self-Assessment tax returns will now be able to divide their tax bill into monthly instalments, without speaking to an HM Revenue and Customs (HMRC) adviser first.
Time to Pay threshold increased to £30,000
From this week, Self Assessment customers affected by Covid-19 can apply online to spread the cost of their tax bill into affordable monthly payments.
Commercial property: Retail rental arrears could rise to £2 billion after third-quarter payment deadline
According to research, retail rent arrears could total over £2 billion following the third-quarter payment deadline this week.
SMEs are still chasing unpaid invoices
The disruption of business, due to the coronavirus pandemic, has meant many companies are still waiting on unpaid invoices from their debtors.
Businesses return £215 million furlough payments to the Government
According to HM Revenue and Customs (HMRC), more than £215 million of Coronavirus Job Retention Scheme (CJRS) payments have been willingly returned to the Government by UK firms, out of £35.4 billion worth of claims up until 16 August.
Coronavirus Job Retention Scheme rejects claims after employer accounting errors
The Institute of Chartered Accountants in England and Wales (ICAEW) has warned businesses to get “their data right” or face delays receiving grants under the Coronavirus Job Retention Scheme (CJRS).
Government urged to ensure young people gain access to the Child Trust Fund
The Government is being urged to ensure that young people gain access to the Child Trust Fund, which was set up by the Government in 2005 to provide young adults with a nest-egg.