March 2021 News

Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we’re here to help.

Sunak set out Budget to protect businesses
Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy.
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Business groups welcome Budget
Business groups welcomed the Chancellor’s Budget for protecting the economy now and kickstarting recovery from the COVID-19 pandemic.
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Late payment penalties for Self Assessment waived until 1 April
HMRC has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April.
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Online service opens for VAT deferral scheme
HMRC has announced that businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments.
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HMRC clarifies off-payroll rules
HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021.
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Domestic VAT reverse charge comes into effect on 1 March
The twice-delayed introduction of the domestic VAT reverse charge for construction services came into effect on 1 March 2021.
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Borrowers of Bounce Back loans given six more months for repayments
Businesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced.
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 March 2021.
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