News & Events | WDM - Part 5

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Big businesses must pay small suppliers more quickly under changes to PPC February 4, 2021

Large businesses must now pay their smaller suppliers more quickly under changes to the UK’s Prompt Payment Code (PPC). Big businesses signed up to the PPC must pay small firms with fewer than 50 employees within 30 days instead of the previous 60 days. The Code currently has more than 2,800 signatories. The Federation of
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HMRC waives self assessment penalties for a month February 4, 2021

Self assessment taxpayers will not be fined for late online returns if they file by 28 February, HMRC has said. More than 8.9 million taxpayers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so by 31 January, if possible. But anyone who cannot
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Supreme Court backs small firms on business interruption claims January 25, 2021

The UK’s Supreme Court has found in favour of small firms receiving payments from coronavirus (COVID-19) business interruption insurance policies. The test case was brought against insurers by the Financial Conduct Authority (FCA). The ruling means that thousands of small businesses are now set to receive insurance payouts covering losses from the first national lockdown.
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Taxpayers using Time to Pay to spread cost of tax payments January 25, 2021

Tax payments worth over £69 million are being spread through HMRC’s Time to Pay facility, according to the tax authority. HMRC said that nearly 25,000 self assessment taxpayers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments. Last October HMRC increased the threshold for self-serve Time
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COVID-19 is reasonable excuse for self assessment late filing, says HMRC January 25, 2021

HMRC says it will accept coronavirus (COVID-19) as a reasonable excuse for the late filing of self assessment tax returns. However, taxpayers must submit the return as soon as possible and explain how they were affected by COVID-19 in the grounds for appeal. HMRC has also enhanced ‘Time to Pay’ arrangements so that taxpayers who
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