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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

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

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

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...

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 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...

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

Where an employee with a company car is provided with fuel for their own private use by their employer, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car, applied to the car fuel benefit multiplier, currently £24,500.

The car fuel benefit charge is not applicable when the employee...

28 January 2021

Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may be used to claim relief from Corporation Tax by offsetting the loss against profits in previous years.

This could be an especially useful option for the many companies that have been adversely affected during the pandemic and may have incurred significant losses...

28 January 2021

An interesting press release published jointly by the Department for Business, Energy & Industrial Strategy and Business Minister, Paul Scully has highlighted some important actions that businesses should ensure they undertake now that the UK has left the EU single market and customs union.

In his message to keep business moving, the Minister highlighted six key actions that many...

28 January 2021

HMRC has announced that fines for taxpayers that file their Self-Assessment returns late will be waived until 28 February 2021. The filing deadline for 2019-20 returns remains at 31 January 2021. HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers remain obliged to pay their tax bill by 31 January and interest will be charged from 1 February 2021 on any outstanding...

28 January 2021

1 February 2021 - Due date for Corporation Tax payable for the year ended 30 April 2020.

19 February 2021 - PAYE and NIC deductions due for month ended 5 February 2021. (If you pay your tax electronically the due date is 22 February 2021)

19 February 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2021. 

19 February 2021 - CIS tax...

27 January 2021

Employers can now apply for a £1000 cash boost to help them take on new trainees.

The new scheme will support 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 cash boost – which is available until 31 July 2021 - will help businesses with the cost of providing a high-quality work...

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