Small company directors that were not able to claim under the Coronavirus Job Retention Scheme (CJRS) because they paid themselves an annual salary in March 2020 may now be eligible to claim under the scheme. Many directors missed the cut-off date on 19 March 2020 to be eligible for the first and second iterations of […]
The VAT deferred instalment opt in process is not ready yet, although HMRC have issued further details in the last week on how this will work and what tax payers will need to have in place to be able to join the scheme. We have summarised the bullet points from this and there is a […]
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. The government will have to start paying down the massive £2 trillion of borrowings at some stage. Increasing tax rates would send the […]
One area where the Chancellor could raise a substantial amount of tax would be to restrict higher rate tax relief on pension contributions. There have been recent consultations with the pensions industry and it has been suggested that the government top up might be increased to 30% but with no further tax relief. That would […]
The Office of Tax Simplification (OTS) have been asked by the Treasury to review both Inheritance Tax (IHT) and Capital Gains Tax (CGT) recently which again suggests there could be changes to those taxes that may require pre-emptive planning action. Will CGT rates go up? The OTS report highlighted the mismatch between CGT and income […]
As reported in an earlier newsletter, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 years. Such a change would mean that the donor would only be required to survive for 5 years following a gift for the transfer to be exempt from IHT. The […]
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. The new rules are scheduled to apply to large and medium-sized businesses as defined by the Companies […]
Now that the UK has finally left the EU some taxpayers will start to see additional tax costs. One example is where UK residents own holiday homes in EU countries that they rent out for part of the year. Owners of EU rental properties may now be required to pay more tax in those countries, […]
2019/20 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2021 unless you have agreed a payment plan with HMRC. Note that if the balance is still unpaid at the end of February 2020, a 5% surcharge penalty is added in addition to the normal interest charge unless […]
Date What’s Due 01/02 Corporation tax payment for year to 30/4/20 (unless quarterly instalments apply) 19/02 PAYE & NIC deductions, and CIS return and tax, for month to 5/02/21 (due 22/02 if you pay electronically) 01/03 Corporation tax payment for year to 31/5/20 (unless quarterly instalments apply) 02/03 5% penalty imposed on […]
The quality of our advice has seen us accredited with coveted Platinum Partner status by Xero – a leading provider of accounting software.
The quality of our advice has seen us accredited with Gold Partner status by FreeAgent – a leading provider of accounting software.
Request a call back