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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.
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.
P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July.
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.
On July 1 2021, the European Union (EU) will introduce the Import One-Stop Shop (IOSS) scheme. The new system simplifies current VAT registration requirements for selling into the EU, making it easier for businesses to grow, stay compliant and protect your bottom line. Businesses will be able to sell to all 27 EU member states with just one VAT return.
In March 2021, the Chancellor announced in the budget a new “Super Deduction” Annual Investment Allowance. This means that from April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets
Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers.
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%.
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.
The Treasury normally issue a bundle of tax consultation documents on Budget Day. This year however they chose to delay the publication until 3 weeks after the Budget. We were expecting the consultation documents to include major changes to CGT and IHT, but it would appear that these have yet again been delayed.
New enhanced loss relief rules may result in extra tax refunds: In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years.
If you move goods between the UK and countries in the EU, you need to follow new customs and tax rules. Your business will be affected by the new rules if you:
In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the tail when the equipment is sold, as the clawback on disposal is potentially at the same 130% rate.
The Supreme Court has ruled that drivers for the ride hailing App Uber are workers not self-employed individuals and hence are entitled to holiday pay, pension rights and the right to be paid the national minimum wage.
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.
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.
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.