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Tax Diary February/March 2021

28-01-21

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… Read more..

No late online filing penalties until 28 February 2021

28-01-21

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… Read more..

Keep your business moving

28-01-21

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… Read more..

Carry a company trading loss back to previous years

28-01-21

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… Read more..

Making good fuel provided for private motoring

28-01-21

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… Read more..

Flat Rate Scheme annual review

28-01-21

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… Read more..

Claiming the NIC Employment Allowance

28-01-21

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… Read more..

Drifting into the HICBC

28-01-21

The High Income Child Benefit Charge (HICBC) could apply to your clients 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… Read more..

Landlords need to embrace a digital approach

27-01-21

HMRC are slowly rolling out their Making Tax Digital (MTD) scheme. Eventually, selected landlords submitting their rental income and outgoings via self-assessment will need to embrace this new MTD requirement. What will it involve? Self-employed… Read more..

Funding to get young people into work

27-01-21

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… Read more..

Government help for people in debt

21-01-21

New government proposals have been published that look at further extending debt solutions to help more people suffering from problem debts. The proposals specifically look at increasing the financial eligibility criteria for debt relief orders… Read more..

Online tax payment plans

21-01-21

New figures published by HMRC have revealed that some 25,000 taxpayers have set up an online payment plan to manage their tax liabilities spreading payments of £69 million for up to 12 monthly instalments. This follows an increase in the limit for… Read more..