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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.
Top tips for driving your Business Development (BD) efforts this year. BD is often misunderstood. Some might say that it’s all about relationships, another will say it’s all about sales and others will talk about marketing. They are all right, in a way. BD is the creation of long-term value for a firm, through effective management of customers, markets and relationships.
Self Assessment customers will not receive a penalty if they file by 28.02.21. HMRC is encouraging anyone who has not yet filed their tax
Providing training for your team when they are working remotely can be challenging. Delivering a training session to a room full of people can be difficult enough. Engaging with your audience remotely presents a whole new challenge.
Here we will look at the key business trends to watch in 2021. The challenges faced by businesses in 2020 have driven firms across the world to develop, adapt and innovate. Here are some of the key business trends to watch in 2021.
The main tax events for January / February 2021. 1/01 Corporation tax payment for year to 31/3/20 (unless quarterly instalments apply)
Now could be the time to review your will. Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once property is acquired or when children come along.
Please see below for the advisory fuel rates for company cars. These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2020. Where there has been a change the previous rate is shown in brackets.
The Chancellor recently announced that the temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery has been extended to 31 December 2021.
New VAT rules for the construction sector are finally due to come into effect this March which will impact on accounting for VAT for transactions.
Diary of main tax events for November / December 2020: 1/12/20 Corporation tax for year to 28/02/2020 unless quarterly instalments apply
Whilst it is not yet fully known what will happen, 31 December 2020 marks the end of the Brexit transition period for UK businesses.
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.
Have you thought about a virtual Christmas party for your business? This year, all face to face meetings and events have been replaced by virtual meetings and events