HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any Covid-19 grant payments on their 2020 to 2021 Tax Return. These grants are taxable, and you should declare them on your 2020 to 2021 Tax Return before the deadline on 31 January 2022....
With most of the Government’s Covid financial support schemes now closed, the Recovery Loan Scheme (RLS) has been a last route to funding for many Covid-impacted businesses. The RLS was scheduled to end on 31 December, putting a very final full stop on...
Three grants worth up to £21,570 are taxable. A chunk of time has passed since the Self-Employed Income Support Scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic. The first taxable grant, worth up to £7,500 in total, was paid out in...
As the Self-employment Income Support Scheme (SEISS) comes to a close, HMRC will continue to check claims rigorously. Reviewing Claims It is always preferable to approach HMRC with a disclosure, rather than wait for HMRC to discover potential problems. As HMRC...
An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to. But with Brexit, temporary rate...
Budget 2021 announced a successor loan scheme to support UK business recovery. Earlier coronavirus (Covid-19) loans, like the Bounce Back loan, closed to applications on 31 March 2021. The new Recovery Loan Scheme (RLS) launched on 6 April 2021 and runs to 31 December...
