Monthly Archive September 30, 2021

Do I need to rethink my IR35 strategy while there is a shortage of lorry drivers?

Due to Brexit, driver retirement and the enforced IR35 reform, there is now a shortage of Heavy Goods Vehicle (HGV) drivers in the UK – around 100,000, according to some estimates.

Therefore, businesses must reconsider their risk-averse strategies for managing any tax changes related to employment.

IR35 specialists have revealed that re-evaluating approaches to status determination may be vital for businesses to be able to attract flexible employees.

What is IR35?

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Buoyant firms return £1.3 billion furlough cash to Treasury

The Coronavirus Job Retention Scheme (CJRS), or furlough, closes at the end of September and has benefited millions of workers during the COVID-19 pandemic.

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MTD for Income Tax delayed until April 2024, HMRC confirms

Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed.

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Reduce your tax bill with these four ‘quick wins’!

It is all too easy to pay too much tax. That’s the case for PAYE employees with relatively straightforward financial affairs, but the risk is highest for people with more complex finances because they own a business, invest in property, or are a high earner.

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Company insolvencies: over 8,700 chain stores have closed 

Recent research shows that in 2021, over 8,700 chain stores have closed due to the major shift in online shopping – partly caused by the coronavirus pandemic.

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Start Up Loans helping rural and disadvantaged entrepreneurs access finance, data reveals

The Start Up Loans scheme has supported nearly 70,000 start ups and small businesses outside of London, new figures have revealed.

Launched in 2012, the initiative delivers finance to entrepreneurs who might find it difficult to secure capital through traditional means.

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Chancellor to lay out plans in October Budget and Spending Review

The Chancellor of the Exchequer, Rishi Sunak, is expected to announce that the Government will be pumping extra billions into the economy when he sets out details of the Budget and Spending Review on October 27.

The review will give details of the next three years of spending priorities while the Budget is expected to provide details of how the country balances its books after the huge outlays during the pandemic.

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Stamp duty rates: what you need to know

The Stamp Duty holiday ended in June and was replaced by a new transitional rate.  Launched last year, the relief was designed to stimulate the property market during the coronavirus pandemic.

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The end of furlough – What next?

Following 18 months of critical support for businesses across the UK, on 30 September 2021, the Coronavirus Job Retention Scheme (CJRS), more commonly referred to as the furlough scheme, will finally come to an end.

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Winding up petition debt threshold to be increased in wake of pandemic

The debt threshold for a winding up petition will be temporarily increased in wake of the coronavirus pandemic, it has been announced.

It comes as temporary measures preventing businesses from entering insolvency are phased out next month.

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