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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.
Considering an electric company car? There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23.
Virtual meetings: Over the course of the past few months, we have all had to adapt to working remotely. Despite lockdown restrictions, many businesses have found ways to move their operations online, with all staff working remotely.
Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax
Since 2019, the vast majority of VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software.
For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states: “Motor car” means any
There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to start to repay the substantial Government borrowings to support businesses and employees affected by the coronavirus pandemic.
Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal.
Although the temporary increase in the Stamp Duty Land Tax (SDLT) threshold to £500,000 was aimed at those buying their main residence, it also benefits those buying a second or subsequent property where there is a 3% supplementary charge.
Small businesses with turnover below £150,000 may join the VAT flat rate scheme which makes their VAT accounting much simpler as they merely pay HMRC a percentage of their VAT inclusive turnover.
It is fairly common, particularly in the summer holidays, to pay deposits when booking a hotel or self-catering accommodation but how should the deposit be accounted for?
A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the High Income Child Benefit Charge (HICBC) for earlier years that had not been reported to HMRC.
The temporary 5% rate applies to the following supplies, but is not an exhaustive list:
Catering, including hot takeaway food
Accommodation in hotels, guest houses and similar places
Tourist attractions such as theme parks, zoos, theatres and cinemas
When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021.
HMRC have recently announced that they may allow limited companies to make claims for loss relief and tax refunds even though the current accounting period has not yet ended and the corporation tax return has not been submitted.
A new CGT reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020.
The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020.
The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation
Child benefit charge: With many employees and the self-employed being furloughed, being made redundant, or making lower profits, their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed.
The government has announced that Working Tax Credits payments will be increased from 6 April 2020. As part of a number of measures to support the country during the COVID-19 pandemic, the basic element of Working Tax Credit has been increased by £1,045 to £3,040 from 6 April 2020 until 5 April 2021.
Now might be the time to think about new equipment for your company. Your business year-end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA).
For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer.
For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.