HMRC urged to take action to defuse side hustle time bomb

HMRC has been urged to defuse a tax bombshell threatening online traders, by the Low Incomes Tax Reform Group (LITRG).

The LITRG, which is part of the Chartered Institute of Taxation (CIOT),…

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New tipping law comes into force

Businesses have been banned from withholding tips or service charges from their staff under new rules that came into force on 1 October.

All tips, whether in cash or by card, must now be …

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Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 March 2020. The guidance states: 'You can use the previous rates for up to one month from the date the new rates…

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Regulators request delay in corporate reporting

Financial regulators have requested a moratorium on corporate financial reports for at least two weeks. The Financial Conduct Authority (FCA) has been communicating with the Financial Reporting Council…

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Lenders relax evidence requirements for business interruption loan scheme applications

On 27 April 2020 the UK's seven largest small business lenders announced they had relaxed their evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS).

The…

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Changes to insolvency and company law going through Parliament

The government is making changes to insolvency and company law as a result of the COVID-19 pandemic.

The Corporate Insolvency and Governance Bill outlines that struggling companies will be…

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Wales reduces LTT rate

On 27 July, the Welsh government reduced the rate of Land Transaction Tax (LTT) following the cuts made to SDLT and LTT across the rest of the UK.

LTT is payable by the purchaser of residential…

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Eat Out to Help Out - over 64 million meals

The government has announced that more than 64 million meals were enjoyed by diners across the country during the government's Eat Out to Help Out discount scheme. The scheme closed on 31 August 2020.

Government…

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Ministers announce new grants for businesses affected by local lockdowns

Businesses in England that are required to shut because of local interventions will now be able to claim up to £1,500 per property every three weeks.

To be eligible for the grant, a business…

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