Advisory fuel rates: These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2020. Where there has been a change the previous rate is shown in brackets.

The Chancellor has announced a new 6 month Job Support Scheme to help businesses and employees survive the winter months. We are still awaiting full details of the scheme that will replace the current “flexible furlough” scheme but the main features are as follows:-

Diary of main tax events September/October 2020. 1 September: Corporation tax for year to 30/11/19 unless pay by quarterly instalments.

Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax

There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to start to repay the substantial Government borrowings to support businesses and employees affected by the coronavirus pandemic.

Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal.

Furlough changes: The government has been paying the wages of more than nine million furloughed workers as part of the coronavirus job retention scheme during the pandemic. Rishi Sunak announced that the scheme would be coming to an end

Small businesses with turnover below £150,000 may join the VAT flat rate scheme which makes their VAT accounting much simpler as they merely pay HMRC a percentage of their VAT inclusive turnover.

It is fairly common, particularly in the summer holidays, to pay  deposits when booking a hotel or self-catering accommodation but how should the deposit be accounted for?