HMRC introduced changes to the VAT road fuel scale on 1 May 2021. Businesses will need to use the new scale from the start of their next prescribed accounting period, beginning on or after 1 May 2021. The valuation rate tables: Set out the new scale charges (a VAT... read more
One of the many government schemes which were made available to businesses due to COVID-19 was the deferral of VAT payments. If you deferred any VAT payments which were due between 20 March 2020 and 30 June 2020 you can: Pay the deferred VAT in full now Join the VAT... read more
SEISS fourth grant Claims for the fourth grant have now closed. The last date for making a claim was 1 June 2021. SEISS fifth grant A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021. The grant is taxable and will be... read more
With lockdown restrictions gradually easing and more businesses across the UK allowed to open their doors again, the economy is finally starting to open up. This is of course fantastic news, but it does mean that many of the government support schemes, loans and... read more
In the Spring Budget, Chancellor Rishi Sunak announced a temporary three-year carry back of trading losses for limited companies and unincorporated traders. This is to replace the normal one-year carry back and will potentially allow loss-making businesses to obtain a... read more
If you’ve received payment or overpayment for a coronavirus support grant you weren’t entitled to, it’s important to alert HMRC as soon as possible. If you do so within the notification period, it’s unlikely you will be fined but penalties will be issued to those who... read more
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