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Furlough numbers increase in January

The number of people on furlough increased by 700,000 last month as a result of tighter lockdown restrictions, according to official statistics.

HMRC reported that 4.7 million people were furloughed on 31 January 2021, up from 4m in December 2020.

According to the tax authority, the hospitality industry took the biggest hit, with 1.15 million employees furloughed in January,...

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HMRC launches VAT deferral new payment scheme

HMRC has announced businesses that deferred VAT payments last year can now pay them back in smaller monthly instalments under its new online VAT deferral new payment scheme.

In order to take advantage of the scheme, businesses will need to have deferred VAT payments between March and June 2020.

Those businesses which deferred their VAT will be given the option to pay in equal...

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Sunak expected to extend stamp duty holiday

Chancellor Rishi Sunak is said to be preparing to introduce a three-month extension to the stamp duty land tax (SDLT) holiday.

According to The Times, Sunak is planning to extend the holiday to the end of June to prevent property sales from falling through as a result of the COVID-19 pandemic and will use the Budget next week to move the deadline.

Currently, the...

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HMRC waives 5% late payment penalty

HMRC has announced that self-assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021.

Usually, a 5% payment penalty is charged on any unpaid tax that is still outstanding on 3 March. However, as a result of the COVID-19 pandemic, HMRC is giving taxpayers more time to pay.

An initial £100 penalty will still...

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Treasury delays business rates review

The Treasury has announced it is delaying its final report on business rates until later this year.

The Government attributed the delay to the uncertainty caused by the pandemic and said the review will be released later this year where there is more clarity on the long-term state of the economy and public finances.

A ‘fundamental review’ into the long-term future of business...

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