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It is crucial to stay on top of key tax dates to keep your financial affairs in order. Here’s a friendly reminder of the important tax deadlines this year.
Discover the suggested reimbursement rates for employees’ private mileage using their company car.
Now is the perfect time to review your finances and make sure you’re making the most of available tax reliefs and allowances.
It is that time of year again for staff parties and annual functions, so it is important to make sure you record it properly.
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.
Possible changes to capital taxes: 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.
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.
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.
From 1 January 2021, you’ll need to make changes to how you complete your VAT Return if you’re a UK VAT-registered business and account for import VAT on your return for goods you import into: Great Britain (England, Scotland and Wales) from anywhere outside the UK Northern Ireland from outside the UK and EU.
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.
At this time of year we think about New Year’s resolutions and pension planning could be a great way. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.
Many people don’t realise that higher-rate taxpayers can get an additional benefit from their charitable donations. Find out how in this post.
Whilst it is not yet fully known what will happen, 31 December 2020 marks the end of the Brexit transition period for UK businesses.
Are you thinking about rewarding your employees with a Christmas gift this year? Certain gifts to staff at Christmas are tax-free if structured correctly.