Lotus Accountancy, Author at Lotus Accountancy

Chancellor extends furlough and loan schemes

Post author:Lotus Accountancy
Post published:25 October 2016
Post category:Uncategorised

The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages – giving businesses and employees across the UK certainty into the New Year, the Chancellor announced• certainty for millions of jobs and businesses as furlough scheme extended until the end of April 2021• businesses struggling will have now until the end of March to access government generous loan schemes• Chancellor also confirmed that the Budget will be on the 3 March and set out the next phase of…

Making Tax Digital for sole traders and self-employed

Post author:Lotus Accountancy
Post published:25 October 2016
Post category:News

Making Tax Digital for Income Tax will launch properly in April 2023 for self-employed people and landlords who make over £10,000 annually.So while it's not compulsory (yet), if you fill in a Self Assessment tax return, you can sign up for a digital tax returns pilot scheme.The pilot lets you keep records digitally and send Income Tax updates to HMRC instead of filing a Self Assessment tax return. The government estimates that so far, around 30 per cent of businesses and landlords have signed up voluntarily.HMRC says it will…