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 […]

Specialist Tax News

No employers NICs for a year if you hire ex-military staff

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The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief if they employ a veteran during the qualifying period. The qualifying period starts on the first day of the veteran’s first civilian job since leaving the regular armed forces […]

Specialist Tax News

Diary of main tax events May/June 2021

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Date What’s Due 01/05 Corporation tax payment for year to 31/07/20 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/21 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/08/20 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, and CIS return […]

Specialist Tax News

Get ready for the “off-payroll” working rules

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Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021. The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act […]

Specialist Tax News

VAT rules for construction sector started

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The new “reverse charge” system of VAT accounting affects sub- contractors supplying their services to main contractors in the construction sector. Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain are no longer invoiced in the normal way. Under the new reverse charge system, the sub-contractor […]

Specialist Tax News

2021/22 national insurance bands

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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. The self-employed will pay 9% Class 4 NICs on […]