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'Millions' slip through COVID-19 financial safety net

MPs have accused the Chancellor of failing to help over a million workers excluded from coronavirus support schemes, despite his pledge ‘to do whatever it takes’ to ensure no one would be left behind The Treasury select committee has published an interim report as part of its inquiry into the economic impact of coronavirus. This identified a number of groups it says have fallen through the main government support schemes, notably the coronavirus job retention scheme (CJRS) and the self- employment income support scheme (SEISS). They include new starters; the self-employed above the trading profits threshold; limited company directors; freelancers and short-term contractors; the newly self-em

Making Tax Digital: Dates for your Diary

All VAT-registered businesses will have to comply with Making Tax Digital (MTD) from 1 April 2022 whilst MTD for income tax has been delayed until 6 April 2023. What do you need to know? The current rules Since 1 April 2019, businesses with a taxable turnover that exceeded the VAT registration threshold (currently £85,000) have been required to store their VAT records digitally and submit VAT returns via an interface with HMRC software. Whereas the launch date for MTD for income tax has been delayed several times so individuals are still declaring their income via an annual self-assessment tax return. When will this change? From 1 April 2022, all VAT-registered businesses must comply with MT

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