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Blog: Business News

Do you know the new UK commodity codes?

From 1 January 2022, businesses may need to change the commodity codes they use for goods that they import or export overseas. The changes come after full customs controls were introduced at the beginning of this year. If you are an international trader, here’s what you need to know. What are the new UK commodity

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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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How the penalty system for late tax submissions is changing

Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to provide returns and other information requested by HMRC. Those who make occasional and infrequent mistakes

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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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New COVID financial support announced

Following the impact on businesses in England of the current ‘Plan B’ covid measures and the impact of Omicron on trade in the hospitality sector in particular, the Government has announced a new support package. The package comprises three elements: • Dedicated support for the hospitality and leisure sectors in the form of one-off grants

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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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