July 2020 Self-Assessment Payment on Account
In measures to help small businesses through the COVID-19 pandemic, HMRC announced that the usual 31 July 2020 self-assessment payment on account can be deferred to 31 January 2021. How does it work? You have to make 2 payments on account every year towards your...
ONS reports ‘alarming’ slump in self-employed numbers
The number of self-employed people in the UK has seen a record decrease in the last few months, data from the Office for National Statistics shows. Estimates for March to May 2020 showed a total of 4.85 million people were self-employed – a decrease of 178,000...
VAT cut kicks in for certain sectors
A temporary cut to the standard rate of VAT for businesses in the food, drink, hospitality and tourism sectors has come into force. Chancellor Rishi Sunak used last week’s economic update to announce the measure, which reduces the main rate from 20% to 5% until...