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09 February 2021

Business owners in vulnerable sectors: predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income generation has been restricted or eliminated by lock-down directives.

And this is in spite of the valiant attempts by Rishi Sunak and his team at the Treasury to provide financial support to...

04 February 2021

Following the 31 January 2021 deadline for submission of Self-Assessment tax returns for 2019-20, it can be a useful exercise to review the rules for keeping your pay and tax records. There are no set rules for how to keep your records, but you must usually hold them on paper, digitally or as part of a software program.

If you are keeping records used to complete a personal (non-...

04 February 2021

The P9X form is used to notify employers which tax codes to use for employees. The latest version of the form has just been published and shows the tax codes to use from 6 April 2021. The forms states that the basic personal allowance for the tax year starting 6 April 2021 will be £12,570 (£12,500 in 2020-21) and this means that the tax code for emergency use will be 1257L.

The basic...

04 February 2021

HMRC has announced that more than 10.7 million people submitted their 2019-20 Self-Assessment tax returns by the 31 January deadline. This leaves over 1.8 million taxpayers that have missed the deadline and are yet to file. Are you among those that missed the 31 January 2021 filing deadline for your 2019-20 Self-Assessment returns?

HMRC had announced that due to the coronavirus pandemic...

04 February 2021

The government has announced a new £1,000 cash bonus to encourage employers to take on new trainees. The traineeship scheme supports young people to gain the skills and experience they need from the very start, helping them to get a job, an apprenticeship, or pursue further study. 

The traineeship programme has helped nearly 120,000 young people since 2013. A traineeship can last from 6...

04 February 2021

If you have recently setup a new limited company or are thinking of doing so then one of the areas that you need to be aware is the accounts and tax filing regime for companies.

After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21 months...

04 February 2021

An updated Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the extended Coronavirus Job Retention Scheme (CJRS) was published on 25 January 2021. The new direction formally extends the CJRS until 30 April 2021.

There were no changes to the amounts that employers can claim for the period from 1 February to 30 April 2021. This means that employers can...

04 February 2021

Scotland’s Finance Secretary, Kate Forbes delivered her second Budget statement to the Scottish parliament on 28 January 2021. The date was selected to allow the Scottish Government time to deliver their Budget and have it approved before the start of the next tax year. This is the second time that Scotland has held a Budget before the rest of the UK. The UK Budget is scheduled to take place...

04 February 2021

Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on:

  • 31 January during the tax year e.g., for 2020-21 the first payment on account was due on 31 January 2021.
  • 31 July following the tax year e.g., for 2020-21 the second payment on account is due on 31 July 2021.

...

04 February 2021

Companies House has announced that they have once again temporarily paused the voluntary and compulsory strike off processes. The hiatus is set to be in place for one month from 21 January until 21 February 2021. When a company is struck off, the company's legal existence is removed from the Companies House register. The strike off can be voluntary or compulsory. 

Companies House will...

02 February 2021

A few housekeeping tips for readers with business interests; especially those with an upcoming financial year end at the end of March 2021.

  • Don’t forget to include any grants received to support COVID challenges in your accounts as income. These grants are taxable.
  • If you have furloughed staff at any time during 2020-21, check to make sure you have your paperwork in good...
02 February 2021

A few housekeeping tips for readers with buy to let or holiday let properties to think about and action – if applicable – before the end of the current financial year, 5 April 2021.

Buy-to-let

  • Have you experienced a drop in rental income since April 2020? If yes, make sure you let us have estimates of your buy-to-let income and expenses to say 31 December 2020 (covering the...
28 January 2021

The Employment Allowance allows eligible employers to reduce their National Insurance liability. The allowance increased to £4,000 (was £3,000) from 6 April 2020. An employer can claim less than the maximum if this will cover their total Class 1 NIC bill. 

The allowance is only available to employers that have employer NIC liabilities of under £100,000 in the previous tax year....

28 January 2021

Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation.

The scheme is open to businesses that expect their annual...

28 January 2021

The High Income Child Benefit Charge (HICBC) could apply to taxpayers if their income exceeds £50,000 for the first time this year and they are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely.

If a taxpayer (or their partner) exceeded the £50,000 threshold for the first...

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