Budget 2021 - Furlough Extension.

The Coronavirus Job Retention Scheme has been extended until 30th September 2021.

From 1st July 2021, the level of grant will be reduced each month and employers will be asked to contribute towards the cost of furloughed employees’ wages, the contribution required will be 10% of wages for hours not worked in July, rising to 20% in respect of August & September 2021.

From 1st May 2021 onwards, employers can claim grants under the CJRS for workers who were employed on 2nd March 2021, as long as the employer has made a PAYE Real Time Information (RTI) submission to HMRC in respect of that worker between 20th March 2020 and 2nd March 2021.


Highlights of the 2021 Spring Budget.

  • Furlough extended until September.
  • 4th & 5th Self Employed Grants
  • Reduced rate VAT for Hospitality & Leisure extended
  • Restart grants available in certain industries
  • Universal Credit £20 uplift extended
  • 95% mortgages
  • Income tax thresholds frozen from 2022
  • Fuel & Alcohol Duty Frozen
  • Stamp Duty Extended 

The VAT domestic reverse charge is now active

It must be used for most supplies of building and construction services.
The charge applies to standard and reduced-rate VAT services:

  • for individuals or businesses who are registered for VAT in the UK
  • reported within the Construction Industry Scheme.

    To find out more Visit this link.

     

     

Late Payment Penalty announcement.

HM Revenue and Customs have announced Self Assessment taxpayers will not be charged the 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021.


Not filed your tax return?

Missed the 31st January deadline?

Act NOW! There is still time. Self Assessment customers who did not file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February.


Another year done with a record breaking number of tax returns filed on time.


11 days to go...The countdown is on!

Don't forget the deadline for filing your self assessment tax return to 5th April 2020 is the 31st January 2021.

Not sure if you need to file a tax return? Feel free to ask us.

Or Link to Government web site for more information.


HMRC to waive fines for people who file late tax returns due to coronavirus.

– but you'll still be fined for late payment.

More on the MoneySaving Expert site.

Link to it from our Blog page.

Click here.


Forced to close due to the new lockdown?

HMRC have announced £4.6 billion in new lockdown grants to support businesses.

This comes in addition to Local Restriction Support Grants worth up to £3,000 a month.

The one-off top-ups will be granted to closed businesses as follows:

  • £4,000 for businesses with a rateable value of £15,000 or under.
  • £6,000 for businesses with a rateable value between £15,000 and £51,000.
  • £9,000 for businesses with a rateable value of over £51,000. any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.

 


Merry Christmas from all of us at Dalton Pardoe. See you next year!

Our offices will close on Friday 18th of December, and will re-open on Monday 4th of January 2021.

For any urgent matters Colin Dalton or Richard Ratcliffe can be contacted on the following emails; This email address is being protected from spambots. You need JavaScript enabled to view it.. This email address is being protected from spambots. You need JavaScript enabled to view it.

Wishing you all a Merry Christmas and a Happy New Year!!