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It is crucial to stay on top of key tax dates to keep your financial affairs in order. Here’s a friendly reminder of the important tax deadlines this year.
Discover the suggested reimbursement rates for employees’ private mileage using their company car.
Now is the perfect time to review your finances and make sure you’re making the most of available tax reliefs and allowances.
It is that time of year again for staff parties and annual functions, so it is important to make sure you record it properly.
Have you thought about your Christmas gifts for employees yet? Remember that certain gifts to staff at Christmas are also tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free.
We now have further details of the operation of the extension of Coronavirus Job Retention Scheme “furlough” grant that will apply from 1 November 2020 through to the end of March 2021.
HMRC have announced that they will be imposing penalties of up to 100% of the amounts over claimed CJRS, SEISS and “eat out to help out” grants, on businesses during the coronavirus pandemic so make sure that your claims are correct.
2018/19 tax returns can be amended by the taxpayer up until 31 January 2021. Where the omitted property income or gain relates to earlier tax years the taxpayer should consider disclosing using HMRC’s let property campaign.
Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000.
A further update again for those who are self-employed – the next self-employed income support grant will increase from 55% to 80% of average profits – up to £7,500, covering November 2020 to January 2021. This is a new announcement made yesterday by the Chancellor.
Good news for the self-employed – the government announced yesterday it will increase support over the coming months with a Support Scheme Grant Extension. Please read below for more information.
With many of us now working remotely from home, making video conference calls, uploading documents and conducting business online, how can firms ensure that their data and systems are secure?
This scheme is for lower income earners who cannot work from home and have lost income as a result. This is an NHS Test and Trace Support payment of £500 and applies to employees who are required to self-isolate.
Considering an electric company car? There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23.
Leaving the European Union: The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly unlikely.
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
The calculation of Coronavirus Job Retention Scheme grants has proven to be complex, particularly as HMRC frequently changed the rules and the method of computation. Consequently, many errors have arisen and need to be corrected. The latest Finance Act requires employers to notify HMRC within 90 days where it turns out that they were not entitled to receive the furlough grants and there is a penalty for failure to notify them.
A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the High Income Child Benefit Charge (HICBC) for earlier years that had not been reported to HMRC.
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
Although the temporary increase in the Stamp Duty Land Tax (SDLT) threshold to £500,000 was aimed at those buying their main residence, it also benefits those buying a second or subsequent property where there is a 3% supplementary charge.
The temporary 5% rate applies to the following supplies, but is not an exhaustive list:
Catering, including hot takeaway food
Accommodation in hotels, guest houses and similar places
Tourist attractions such as theme parks, zoos, theatres and cinemas
Many of you will be looking forward to the football season resuming, albeit behind closed doors. There has been an interesting tax case recently concerning the employment status of referees.
The Government are still committed to the transitional Brexit period ending on 31 December 2020 and businesses trading with the EU need to make sure they are ready for major changes. If you’re submitting an application for Authorised Economic Operator (AEO) status from 1 June 2020, you must submit them through the EU Customs Trader Portal.