Latest News from GTN

HMRC has responded to an appeal issued by the main tax and accounting bodies to confirm that the 31st January UK tax return deadline will not be extended, despite the current impacts of COVID on taxpayers, agents and HMRC helplines.

A recent survey of small businesses has revealed that only a quarter of them are confident of their survival into 2021, with many worried about cash flow. Those businesses that took out Bounce Back Loans (BBLs) have already used up most of this funding.

With under one month to go until the Brexit transition period ends, just one in five businesses have a good understanding of the risks and enough preparations in place, according to a survey by one of the largest accountancy firms EY. Many firms believe that after some initial challenges, business as usual will resume soon after 1 January 2021.

Two further grants under the self-employed income support scheme (SEISS) were announced in September and have now been updated following the second lockdown.

As the second lockdown took effect on 5 November, the Chancellor returned to Parliament to announce a further extension to the furlough scheme through to March 2021.

Given the amount of Covid-19 financial assistance available, it comes as no surprise that there is an increase in HMRC-related scams this year.

After heavy hinting from the Treasury for some weeks, the expected Autumn Budget has been pushed into spring 2021, with tax rises on the cards.

HMRC has published some interesting research into capital gains tax (CGT).