With the ongoing coronavirus pandemic and no Budget being held last year, there is some uncertainty as to what the tax rates and allowances will look like for 2021-22. Clarity on this should come when the Chancellor holds his next Budget on 3 March 2021 but, in the meantime as another tax year draws to a close, now is a good time to take stock and consider whether all allowances and reliefs have been maximised as far as possible and whether any action needs to be taken pre 6 April 2021.

Veterinary update: Deadline approaches for third SEISS grant

Monday 25 January 2021

The deadline to apply for the third self-employment income support scheme (SEISS) grant is 29 January 2021. Eligibility criteria for the third grant has been tightened and the guidance imposes a new condition.

Veterinary update: Self-assessment deadline and time to pay arrangements

Monday 25 January 2021

HMRC has finally provided an extension to the 31 January 2021 filing deadline for 2019/20 tax returns. HMRC will not levy the £100 late filing penalty, providing tax returns are now filed by 28 February 2021.

A flurry of announcements from the Chancellor

Friday 18 December 2020

As we were just about to begin winding down for the Christmas break, the Chancellor has stopped us in our tracks with several new announcements. Rishi Sunak has now set a date for Budget 2021, as well as extending both the furlough and loan schemes.

HMRC to publish some CJRS information

Monday 14 December 2020

HMRC has confirmed that it will begin to publish certain details of furlough claims made by employers under the coronavirus job retention scheme (CJRS) for December claims onwards.

VAT aspects of Trading with the EU post-Brexit

Monday 14 December 2020

During the past two months, to highlight the immediacy of the end of the Brexit transition period, HMRC has been issuing letters to VAT-registered businesses that currently trade with the EU, highlighting the actions they need to take to continue trading with the EU from 1 January 2021.

Veterinary update: The VAT treatment of cross-border supplies of services post-Brexit

Wednesday 2 December 2020

Much of the attention surrounding the changes in VAT treatment following the UK’s departure from the EU VAT regime has focused on cross-border supplies of goods, however there will also be consequential changes to the treatment applied to certain supplies of services, as this article will endeavour to explain.

Veterinary update: R&D tax credits – the PAYE cap

Wednesday 2 December 2020

As part of Budget 2020, the Chancellor confirmed that the R&D cap would be delayed by a year, to 1 April 2021, to allow further consultation on the proposed measures.

Veterinary update: CGT overhaul recommended by the OTS

Wednesday 18 November 2020

The Office of Tax Simplification (OTS) has published its first of two papers with recommendations to the Chancellor, Rishi Sunak, for simplification of the capital gains tax (CGT) regime.

Veterinary update: Companies house - no more paper postal reminders

Tuesday 17 November 2020

Companies House are no longer sending paper reminders by post and are urging all companies to sign up for e-mail reminders.

Veterinary update: Annual investment allowance extension

Tuesday 17 November 2020

As a further support measure during the COVID-19 pandemic, and in a bid to encourage investment in UK manufacturing, the Government has announced an extension to the £1 million annual investment allowance (AIA).

Furlough scheme extended by five months

Friday 13 November 2020

With the announcement of a second national lockdown, the Prime Minister also confirmed the coronavirus job retention scheme (also known as the furlough scheme) would be extended, on the day it was due to end.

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