More than one in 10 mid-sized businesses found errors in their furlough claims April 1, 2021 Mid-sized businesses that have reviewed their initial furlough claim and found it to be incorrect have been urged to go to HMRC to address the problem and lessen any penalties faced. More than one in 10 (13%) mid-sized businesses that have reviewed their initial furlough claim found it to be incorrect, new research by Grant [...]
Controversial tax changes will pile burden onto businesses and leave contractors worse off March 31, 2021 Next Tuesday, long-delayed changes to a controversial tax rule will come into force and pile on an additional burden on companies already reeling from the effects of the pandemic. The rule, known as IR35, was originally designed to limit tax avoidance but it has caused dismay for employers and contractors alike. Before now, it has [...]
The gloves are off: Dignity chairman set for showdown with biggest shareholder amid battle for control March 30, 2021 Funeral firm Dignity is set for a showdown with its biggest shareholder next month amid a battle for control of the group. The firm, the UK’s only listed funeral provider, said it will hold a meeting on 22 April for investors to vote on a proposal by Phoenix Asset Management Partners to oust Dignity’s executive [...]
Cycle to work for a Covid-secure commute March 29, 2021 This summer, many people will be donning suits and heels again as offices open up to employees. After more than a year of working from home, the prospect of a change of environment, and time spent face-to-face with colleagues rather than on Zoom, will be refreshing and motivating. Navigating the daily commute might be a [...]
200,000 more people furloughed last month as 4.7m are still on the scheme March 25, 2021 Another 200,000 people were put on furlough for the first time last month as the government paid out nearly £4bn to cover wages. HM Revenue and Customs (HMRC) said it had paid £57.7bn in furlough cash to around 11.4m people since the pandemic began. Around 4.7m people were still on furlough by the end of [...]
Odey Asset Management loses tax battle with HMRC over executive pay March 22, 2021 Crispin Odey’s hedge fund Odey Asset Management has lost a tax battle with HMRC that could leave current and former executives on the hook for additional tax bills. The firm and 17 executives have been embroiled in litigation with HMRC over a partnership pay plan than ran between tax years 2011-12 and 2016-16. According [...]
We need to strap a rocket to the government’s FinTech thinking March 12, 2021 In his final article of the week, Lord Chris Holmes details the urgent need for a centre within government that could lead on FinTech.
Accounting startup Countingup secures £9m Series A round March 4, 2021 A business account that claims to simplify bookkeeping has secured a £9.1m Series A funding round as it looks to expand its offering ahead of changes to HMRC rules. London-based startup Countingup, which currently has 34,000 customers, offers a business current account with built-in accounting software to help both the self-employed and accountants. It has [...]
Budget 2021: How does the new tax ‘super-deduction’ work? March 3, 2021 This afternoon Chancellor Rishi Sunak announced a new tax “super-deduction” policy to encourage investment into the UK and boost its recovery from the pandemic. The new form of relief will come into effect next month and last until the end of March 2023, and should be especially popular with manufacturing, construction and utilities firms. Shares [...]
Budget 2021: Sunak keeps VAT at reduced rate for hospitality and tourism firms March 3, 2021 The five per cent reduced rate of VAT for the hospitality sector will continue for another six months, the Chancellor has announced. As part of a new raft of measures to help the hospitality sector recover from the pandemic Rishi Sunak told the House of Commons the reduced rate would be extended until 30 September. [...]