News
HMRC Confirms Tax-Free Virtual Parties
HMRC permits an exemption of up to £150 per head for the cost of staff events every tax year. The exemption can be used for any annual staff functions, as long as the costs do not exceed £150 per head on average and the event is open to all employees. There is...
Updates to Research and Development (R&D) tax relief scheme for 2021
The following changes to the R&D SME tax relief are set to come into effect for accounting periods beginning on, or after, 1 April 2021: A cap on the amount of the payable R&D tax credit will be introduced A company making a small claim for payable...
Annual Investment Allowance extended to £1million for another year
Due to the economic downturn caused by the pandemic, the Government has announced that it is to extend the temporary tax break for businesses investing in equipment. The Annual Investment Allowance (AIA) limit, which was due to revert to £200,000 with effect from 1...
Pass Less Tax Special Edition – your latest tax news and insights
A new edition of our 'Pay Less Tax' newsletter has just been published. It includes a useful round-up on the state of play with Government support for businesses at this time, as well as a review of Brexit. Take a look.
Update on Government Support Initiatives
Extension of Furlough Job Retention Scheme (JRS) to 31 March 2021 Following the announcement of a £150bn injection of crisis support funding and interest rates to remain at 0.1% by the Bank of England yesterday, the Chancellor has extended the Furlough Job Retention...
Furlough Job Retention Scheme (JRS) extended during new month of restrictions
You will have heard Boris Johnson mention 'furlough' when he spoke on Saturday night. Some guidance on the extension was issued straight away. However, that guidance is far from complete, and many questions need answering before we can advise with any level of...
Further Expansion of the Job Support Scheme (JSS)
The Government has announced a further expansion of the JSS, to increase the reach of its winter support schemes to ensure livelihoods and jobs across the UK continue to be protected in the difficult months to come. Under this latest expansion, employers will be...
“Why do I bother?”
In low moments, as we deal with the current struggles, obstacles and challenges of being in business, it can be easy to think "why do I bother?" This is typically an off-the-cuff remark we make when we feel particularly under pressure, of course, but is actually one I...
Self-assessment taxpayers given longer to pay
Self-assessment taxpayers have been given even longer to pay all the taxes due by 31 January 2021 made up of: 2019/2020 Second payment on account due 31 July 2020 2019/2020 Balancing payment 2019/2020 Capital Gains tax 2020/2021 First payment on account If your total...
Expansion to Job Support Scheme (JSS)
The Government has announced an expansion of the JSS, to provide temporary support to businesses whose premises have been legally required to close as a direct result of coronavirus restrictions. Under this expansion, affected businesses will receive grants towards...
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