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Blog: Business News

New guidance to help businesses navigate VAT second-hand margin scheme

New guidance will help businesses navigate the VAT second-hand margin scheme, HM Revenue & Customs (HMRC) has said. The tax authority replaced VAT notices 718, 718/1, and 718/2 with 12 new guides earlier this month. VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather

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Claim up to £5,000 towards the cost of cloud accounting software under new Help to Grow: Digital scheme

Small businesses could get up to £5,000 to pay for cloud accounting software under the Help to Grow: Digital scheme, it has been announced. The initiative – which forms part of the Government’s flagship support programme for small businesses – launched on 20 January 2022. Here’s what you need to know. What is the Help

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New rules to end second home tax loophole

Multiple homeowners who leave “holiday lets” empty will no longer be able to claim tax benefits, it has been announced. The move ends a loophole allowing owners of second homes to avoid paying their “fair share of tax”. Under the current system, owners of second homes in England can avoid paying council tax and access

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HMRC’s guidance on reasonable excuses for late tax payments updated

It should perhaps be no surprise given the circumstances of the pandemic that individuals and businesses might have incurred penalties for late tax payments. But the penalties charged by HM Revenue & Customs can be mitigated if the taxman accepts what is a ‘reasonable excuse’ for failing to meet a payment deadline. HMRC guidelines have

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HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

Late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers. HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and

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Investment in UK technology startups and scaleups almost tripled in 2021

Investment in UK technology startups and scaleups nearly tripled in 2021, the latest figures have revealed. The research, published by Dealroom for the UK’s Digital Economy Council, shows that the sector continued to thrive despite challenging economic conditions. According to the report, £29.4 billion in venture capital funding was invested in the UK’s best and

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Coronavirus: How to set up an affordable payment plan if you cannot pay tax on time

  More than 20,000 self-employed business owners have used the Time to Pay self-serve facility to spread the cost of their 2020/21 tax bill, it has been revealed. The figures, published by HM Revenue & Customs (HMRC), suggest that poor cash flow remains a major issue in the wake of the coronavirus pandemic. If your

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Everything you need to know about the new WTO Services Domestic Regulation

New World Trade Organisation (WTO) rules are set to cut the cost of global trade by billions of pounds every year, it has been announced. The Department for International Trade (DIT) – who helped broker the agreement – said the deal represents a massive win for service businesses in the UK. Here’s what you need

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Capital Gains Tax: new rules for disposal of UK land and property

The time limit to report and pay Capital Gains Tax (CGT) on UK land and residential property has doubled from 30 to 60 days. The notice comes after HM Revenue & Customs (HMRC) published new guidance on the most recent tax changes relevant to the legal profession. As part of this year’s Autumn Budget, the

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