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HMRC suggest organisations use their Check Employment Status for Tax (CEST) tool on their website to check the worker’s status, although that is not obligatory.
The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July. HMRC will contact those traders that may be eligible with their claim date.
Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted.
Please see below for the diary of main tax events July / August 2021 and if you have any questions we are here to help.
HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax,
Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached.
If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account.
The fifth (and final) Self-Employment Income Support Scheme grant SEISS grant will be available for the self-employed to claim towards the end of July.
The numerous changes in the method of calculating CJRS furlough grants will no doubt have resulted in errors by some employers.
For the month of July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked.
Please see below the diary of main tax events for June/July 2021: We are here if you need help with meeting these deadlines.
Check that your shares qualify for CGT business asset disposal relief: A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return.
Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline.
Company car rates: These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2021.
Another consequence of the lockdown periods is that employees may have driven fewer private miles in their company cars, particularly where they have not been driving to the office.
P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July.
HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries.
On July 1 2021, the European Union (EU) will introduce the Import One-Stop Shop (IOSS) scheme. The new system simplifies current VAT registration requirements for selling into the EU, making it easier for businesses to grow, stay compliant and protect your bottom line. Businesses will be able to sell to all 27 EU member states with just one VAT return.
Please note that HMRC make regular checks on companies making a claim under the Coronavirus Job Retention Scheme. If you make a claim that is fraudulent i.e. make a claim for a period whilst actually working, you will be required to pay back all grants received under the scheme and could be fined.
In March 2021, the Chancellor announced in the budget a new “Super Deduction” Annual Investment Allowance. This means that from April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets
Check out our table below for the diary of main tax events May/June 2021. 01/05: Corporation tax payment for year to 31/07/20