The fourth Self-Employed Income Support Scheme (SEISS) grant is now live and HMRC has set out the penalties for abuse of the scheme.
Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated.
The Association of Independent Professionals and the Self-Employed (IPSE) has stated that the recent changes to the rules relating to off-payroll workers, commonly known as IR35, 'undermine the self-employed at the worst possible time'.
The details of the Finance Bill 2021 have been published by the government.
The government has published over 30 updates, consultations and documents on the UK's first ever Tax Day.
Changes to the IR35 rules are designed to ensure contractors pay their fair share of tax and national insurance – but the move could be counter-productive, especially in the energy sector, says James Shipp of Lovewell Blake.
HM Revenue & Customs (HMRC) are reminding Self-Assessment taxpayers that they have until 1 April 2021 to pay any outstanding tax liabilities in full for the 2019/20 tax year, or set up an online payment plan, to avoid a 5% late payment penalty charge.
In 2020, the pandemic sparked a ‘race for space’ which saw the average UK house price rise by 7.6% in the year to November 2020. This means that a dwelling previously valued at £465,000 12 months ago could now potentially be worth over £500,000 and give rise to a tax issue under Annual Tax on Enveloped Dwellings (ATED).