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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
Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers.
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%.
Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021 and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant covering May to September 2021.
The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked.
Dairy of main tax events April/May 2021 Date: What’s Due 1/04: Corporation tax payment for year to 30/6/20 (unless quarterly)
The Treasury normally issue a bundle of tax consultation documents on Budget Day. This year however they chose to delay the publication until 3 weeks after the Budget. We were expecting the consultation documents to include major changes to CGT and IHT, but it would appear that these have yet again been delayed.
New enhanced loss relief rules may result in extra tax refunds: In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years.
If you move goods between the UK and countries in the EU, you need to follow new customs and tax rules. Your business will be affected by the new rules if you:
In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the tail when the equipment is sold, as the clawback on disposal is potentially at the same 130% rate.
The Supreme Court has ruled that drivers for the ride hailing App Uber are workers not self-employed individuals and hence are entitled to holiday pay, pension rights and the right to be paid the national minimum wage.
The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021.
In order to continue to support businesses and jobs in the hospitality sector, the reduced 5% VAT rate will continue to apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises across the UK until 30 September 2021.
The thresholds for employee and employer national insurance contributions (NICs) have been increased by £1 a week for the 2021/22 tax year. Employees will be liable to 12% NICs between £184 and £967 a week (£50,270 a year). Employer contributions will start at £170 a week.
If you deferred VAT payments due between 20 March and 30 June 2020 and still have payments to make, you can:
An employer may provide subsidised or free meals for its staff tax-free. Employer subsidised meals must be:
– Available to all staff.
– Made available either at a canteen or on the employer’s premises.
Get ready for the new off-payroll working rules:
This time last year businesses were preparing for important changes to the rules where workers supply their services via their own personal service companies. The start date was then deferred from 6 April 2020 to 6 April 2021.
European property owners face higher tax bills. Now that the UK has finally left the EU some taxpayers will start to see additional tax costs.
Please see below for the diary of main tax events February/March 2021.
01/02 Corporation tax payment for year to 30/4/20 (unless quarterly instalments apply)
Is pension tax relief under the spotlight? One area where the Chancellor could raise a substantial amount of tax would be to restrict higher rate tax relief on pension contributions.
There has been a lot of speculation on what will be in Rishi Sunak’s second Budget in early March and whether there is any tax planning that you should consider before then.
