Balancing paying the £400 billion Covid bill versus stimulating consumer demand and business investment. The Budget 2021 predictions are caught in the same dilemma.
Business rates relief and reform may well be on the cards. Expect an extension to business rates relief in the Budget on 3 March and indications of the path business rate reform might take.
No late filing penalty if self assessment tax return filed by 28 February 2021, but interest will still be charged on any outstanding liabilities. More time to file your online return and make Time To Pay arrangements.
Chancellor extends furlough scheme until the end of April 2021 and Covid-19 business loan schemes extended until the end of March.
Richard Coombs considers HMRC’s updated guidance on collecting any residual tax due as a result of the loan charge.