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Millions to face fines if self-assessment tax return deadline missed

Posted. 22 January 2021

A warning has been issued that millions of self-assessment taxpayers could be faced with fines if they miss the tax deadline.

According to the Association of Chartered Certified Accountants (ACCA), accountants are “dismayed” that HMRC is refusing to extend the deadline for tax returns on 31 January.

The ACCA said taxpayers could face fines totalling to £250 million.

Glenn...

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Big businesses to reduce payment times to small suppliers

Posted. 21 January 2021

Larger businesses must now pay their smaller suppliers much faster under changes to the UK’s prompt payment code (PPC).

The Department of Business, Energy and Industrial Strategy revealed businesses that have signed up to the PPC will be obligated to pay smaller businesses within 30 days, instead of the previous 60 days. The code currently has 2,800 signatures.

According to the...

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Govt. reveals over 1.4m loans given to UK firms

Posted. 20 January 2021

More than 1.4 million Government-backed loans have been issued to businesses through financial support schemes amid the COVID-19 pandemic, new figures from the Treasury show.

Support has been extended to different regions, which received loans in proportion to the number of businesses located there.

These loans are part of the Government’s £280 billion support package to protect...

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Small firms get COVID-19 insurance boost

Posted. 19 January 2021

The Supreme Court has backed the Financial Conduct Authority’s (FCA) appeal for small firms to receive payments from coronavirus-related business interruption insurance policies.

Thousands of small firms are now set to receive insurance payouts to cover losses from the first national lockdown.

Eight insurers agreed to take part in the FCA’s test case, resulting in over £1.8...

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BCC calls for business rates relief extension

Posted. 18 January 2021

The British Chambers of Commerce (BCC) is urging the Government to provide extra financial support to businesses across the UK suffering from COVID-19 restrictions.

The BCC is calling for an extension of business rate relief, VAT deferrals and an immediate round of cash grant support to businesses worth around £25,000, the equivalent of funds available in the first national lockdown....

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