COVID-19: Self-assessment taxpayers given extra month to file returns

Breaking news! HMRC have extended the self-assessment deadline for tax payments until 28th February. This comes as “the government recognised the immense pressure caused by the pandemic.”

HMRC are still urging people to pay on the 31st January if they can, stating “this is a relaxation on the first late-filing penalty only.”

This extension is as useful as a chocolate fireguard coming in too late and solving half the issue. So we advise that you stick to the original date of 31st January and only use the extension as a final resort.

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Self-Employment Income Support Scheme

The third SEISS deadline is fast approaching – if eligible, you must claim on or before 29th January 2021.

To find out more about the third scheme and how to claim, click here.

UK firms told ‘set up in EU to avoid trade disruption’

With Brexit coming into place at the beginning of the year, many businesses have had to get their head around new costs and processes to keep their businesses going.

Many firms have been hit with extra charges, taxes and paperwork. Reports suggest that having a presence in the EU will make the process easier.

The trade consultants also warned back in October “that thousands of UK businesses might need to set up an EU presence to keep exporting to European markets”.

For the full story, click here. 

Barclaycard customers face higher minimum payments

Some Barclaycard customers will see their minimum repayments rise from Tuesday. These rises are specific to the customer.

Barclays has stated that these increases were pre-warned in the pricing structures back in November 2020.

The accounts that the changes will affect are:

Platinum

Initial

Freedom forward

Cashback

Littlewoods

Rewards

Hilton Honors cards

Excludes:

Premier

Woolwich cards

A spokesman from Barclaycard said: “We are increasing minimum payments for some customers to help them pay off debt quicker and reduce the overall interest they pay”.

For the full story, click here. 

Contactless limit could rise to £100

Throughout the pandemic, the advice has been to not use cash for payment, sparking a rise in contactless transactions and leading to an increase in the limit for a contactless payment to £45.

With the pandemic continuing, reports suggest that the limit could increase from £45 to £100. The Financial Conduct Authority said, “it would consult shortly on a change in the rules.”

The first change to contactless limits occurred last April, where the need to protect workers and consumers was high during the COVID-19 outbreak.

We will keep you informed as soon as we know whether this increase will occur.

For the full story, click here.