Specialist Tax News

Beware mini-umbrella company fraud

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HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. Businesses need to be aware of the financial and reputational risks of such entities in their labour supply chain and carry out due diligence to minimise those risks. You may […]

Specialist Tax News

Car benefit reduced where unavailable

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P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced. During the various lockdown periods many employees and directors have not been using their company […]

Specialist Tax News

Reimburse private fuel by 6 July to avoid fuel benefit

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Another consequence of the lockdown periods is that employees may have driven fewer private miles in their company cars, particularly where they have not been driving to the office. If they are to avoid being taxed on the provision of private fuel they need to fully reimburse their employer for the cost of private fuel […]

Specialist Tax News

Advisory fuel rate for company cars

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These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p (10p) 8p (7p) 1600cc or less 9p 1401cc to 2000cc 13p (12p) 9p (8p) 1601 […]

Specialist Tax News

Not all benefits need to be reported on form P11D

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Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties. Dispensations from reporting are no longer required, although […]

Specialist Tax News

Diary of main tax events June/July 2021

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Date What’s Due 01/06 Corporation tax for year to 31/8/20 (unless pay quarterly) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/6/21 (due 22/06 if you pay electronically) 01/07 Corporation tax for year to 30/9/20 (unless pay quarterly) 05/07 Last date for agreeing PAYE settlement agreements for 2020/21 employee benefits […]

Specialist Tax News

Details of latest CJRS “furlough” grants

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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. The […]

Specialist Tax News

Details of fourth self-employed income support grant

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Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021and 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 latest grant allows the […]

Specialist Tax News

Making tax digital extended to more businesses

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Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled out to all VAT registered […]