National Insurance relief launches for employers that hire veterans

Employers that hire veterans in their first employment after leaving the armed forces are now entitled to National Insurance (NI) relief up to the upper secondary threshold for one year. The relief, announced at the 2020 Budget, came into effect in April and applies to all veterans of the regular armed forces who have completed at least one day of basic training. It applies irrespective

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New Debt Respite Scheme launched

A new Debt Respite Scheme, designed to give a debtor with problem debt the right to legal protection from their creditors, is now available. The new scheme consists of two new two types of ‘breathing space’: A standard breathing space – Available to anyone with problem debt, which offers legal protection from creditor action for up to 60 days, including pausing most enforcement action and contact

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HMRC to tackle SEISS abuse with new penalty regime

With the fourth round of the Self-Employment Income Support Scheme (SEISS) now well underway, HM Revenue & Customs has announced tough new fines for those that abuse the financial support on offer. The new penalty regime is aimed at those who have overclaimed the SEISS grant, which includes any amount of grant that a self-employed individual was not entitled to receive or was more than

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Reimbursed expenses – What you need to know

In most cases, expenses an employee incurs at work are paid for by their employer, but some, like travel and accommodation expenses, are reimbursed later by the employer. Since 2016, the system for reimbursed expenses has been simplified, which means that HM Revenue & Customs (HMRC) will usually accept that business expenses that are reimbursed by an employer are not taxable benefits for the employee

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Workers can continue to claim home working tax allowance in the new tax year

One unexpected bonus for staff forced to work from home because of the pandemic has been a £6 per week tax break. People will have seen their household bills naturally go up over the last year, from increased working at home and the Government has recognised this. These working life changes are driven by the pandemic, which has seen many firms having to close workplaces,

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COVID forces businesses to change direction

The devastating effects of the pandemic have meant small businesses in the UK have changed the direction of their organisations to survive the impact of the Coronavirus pandemic and lockdown restrictions. More than a year on from the start of the first official national lockdown and with the country currently slowly exiting the latest one, the impact of the pandemic has been laid bare by

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Inheritance tax reporting to be simplified

Rules coming into effect from 1 January 2022 will mean that nine in 10 estates that are not subject to Inheritance Tax (IHT) will no longer need to complete IHT forms as part of the probate process. Meanwhile, a temporary measure that is currently in place so that IHT returns can be submitted without a physical signature will become a permanent change. John Bunker, Chair

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Coronavirus insolvency measures extended until the end of June

To help businesses with the ongoing impact of the pandemic the Government has decided to extend measures in the Corporate Insolvency and Governance Act (the Act) to protect struggling companies. The extension to the measures introduced in the Act, includes an extension of the suspension of liability for wrongful trading from 30 April 2021 to 30 June 2021, as well as respite for those facing

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Majority of SME owners have loaned personal money to their business during the pandemic

A new study has found that nearly six in 10 (59 per cent) small business owners loaned personal money to their business during the pandemic to help it survive. Research undertaken by one of Europe’s largest small business lenders, iwoca, showed that many owners had taken drastic steps during the pandemic to support their business. Despite this, many owners are still worried about the viability

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