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Cash payments fell by over a third during 2020

The number of cash payments made in the UK fell by 35% during 2020, according to the latest figures from banking trade body UK Finance.

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Furlough scheme starts to wind down

The government's Coronavirus Job Retention Scheme (CJRS) begins winding down from 1 July.

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13,000 investigations launched into COVID-19 support scheme fraud

HMRC has launched nearly 13,000 investigations into alleged abuse of the government's coronavirus (COVID-19) financial support schemes.

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Schemes create one stop shop for VAT on EU trade

Three schemes will be launched on 1 July to deal with VAT on business-to-consumer supplies of goods and services to EU customers

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Delayed EU import declarations due

The first supplementary delayed declarations on imports of non-controlled goods from the EU are due from 25 June 2021, HMRC has reminded businesses.

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UK economy back to pre-covid level by end of year

Despite the delay on the lifting of all lockdown restrictions for another month, the UK economy is set to bounce back to its pre-COVID level towards the end of 2021

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First UK Infrastructure Bank opens for business

The first ever UK Infrastructure Bank has opened for business in Leeds with the aim of investing in sectors such as clean energy and transport.

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Finance Act 2021 receives early Royal Assent

Royal Assent of Finance Act 2021 was granted on 10 June, bringing the extended loss carry-back, super-deduction and other measures into force.

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Don’t miss the P11D deadline

Despite the coronavirus lockdowns, HMRC still expect P11D forms reporting expenses and benefits to be submitted by the normal 6 July deadline

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Bounce Back Loan repayments due for many small businesses

Many small businesses will soon be required to begin repaying loans taken out under the government's Bounce Back Loan Scheme (BBLS).

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Fifth SEISS grant will be open to claims from late July

The fifth Self-employment Income Support Scheme (SEISS) grant covering May 2021 to September 2021 will open to claims from late July

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Scams warning for tax credits customers

Tax credits customers should be vigilant and alert to potential scams, HM Revenue and Customs (HMRC) has warned

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Number of freelancers increases for first time since onset of pandemic

The number of self-employed individuals increased month-on-month for the first time since the outbreak of the coronavirus (COVID-19) pandemic

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VAT Deferral New Payment Scheme to close in June

Businesses that deferred VAT payments last year have one month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme

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Making Tax Digital is the priority for HMRC

Jesse Norman MP, financial secretary to the Treasury, has told businesses and accountants that HMRC’s priorities for the future of the tax system will heavily involve Making Tax Digital (MTD)

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COVID schemes now supporting 1.6 million UK businesses

The government's coronavirus (COVID-19) support schemes have now been used by almost 1.6 million UK businesses, according to the latest figures from HM Treasury.

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SMEs needing advice on imports and exports can apply for grants, HMRC confirms

Small and medium-sized enterprises (SMEs) requiring advice on imports and exports will be able to apply for a grant of up to £2,000, HMRC has confirmed.

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VAT Deferral New Payment Scheme – online service opens

Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments, HMRC has announced today

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Domestic VAT reverse charge comes into effect on 1 March

The twice-delayed introduction of the domestic VAT reverse charge for construction services will come into effect on 1 March 2021.

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Chancellor urged to outline economic recovery plans in upcoming Budget

The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the upcoming Budget to set out plans for an economic recovery from the coronavirus (COVID-19) pandemic.

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