Latest Business News

Daily penalties waived for Self-Assessment late filing

HM Revenue & Customs (HMRC) has confirmed that it will not charge the usual daily penalties for late filing of 2018-19 Self-Assessment tax returns, which were due by 31 January 2020. HMRC says the move is in response to the Coronavirus pandemic and the challenging circumstances taxpayers have faced in recent months. The daily penalties…

Homebuyers need to start purchases this month to take advantage of Stamp Duty savings

Thousands of people across the UK have purchased new homes to take advantage of the Government’s Stamp Duty Land Tax (SDLT) holiday, but Legal & General Mortgage Club has warned a backlog in the sales and mortgage process means that sales need to be completed quickly. The SDLT holiday announced earlier this year, ends in March…

HMRC warns taxpayers still aren’t ready for Making Tax Digital

The Director of Making Tax Digital (MTD) at HM Revenue & Customs (HMRC) has warned that “not all taxpayers are ready for a digitalised tax system.” Roy Wallace spoke with the Institute of Chartered Accountants in England and Wales (ICAEW) about the implementation of the new digital tax system after HMRC was criticised by the Public House…

More than 50,000 people claim working from home tax relief through HM Revenue & Customs online portal

HM Revenue & Customs (HMRC) has received more than 50,000 claims for tax relief for working from home since opening a new online portal on 1 October. Since the start of the current tax year on 6 April 2020, employers have been permitted to pay employees up to £6 a week in respect of the…

IFS predicts tax rises of more than £40 billion a year by the middle of the decade

The Institute for Fiscal Studies (IFS) has predicted that taxes will need to rise by more than £40 billion a year by the middle of the decade to prevent Government debt from growing out of control. The widely-respected think tank issued the warning following the news that the Government’s Coronavirus response has cost more than…

Businesses may be entitled to insurance pay-out after important judgment

A new judgment at the High Court has clarified that policyholders denied business interruption (BI) insurance claims due to COVID-19 may be due compensation. In an important test case, brought by the Financial Conduct Authority (FCA), the court has found in favour of BI policyholders after many insurers denied pay-outs, claiming that the pandemic was…

Latest SEISS grants introduce new qualifying conditions

As part of the Government’s plan to extend the Self-Employment Income Support Scheme (SEISS) for a further six months, HM Revenue & Customs (HMRC) has announced new conditions that must be met. The scope of the extended scheme will now be much narrower, with the third and fourth grants being less generous for the self-employed.…