As previously mentioned, the new VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of […]
At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2020/21 tax year (currently £20,000 each). You might […]
We are delighted to be able to donate to the following charities this year at Christmas. CAYSH Based in Croydon, CAYSH works with young people facing homelessness in London, providing safe homes and support to enable them to achieve their potential. Their clients help to design their services which makes them truly effective for funders. […]
BREXIT KEY POINTS – A REMINDER (written 19 November) Travel If you are travelling to the EU from the UK after the 1 January 2021 then check out the Government website “Visit Europe from 1 January 2021”. This page tells you how to prepare if you’re planning on travelling to Europe from 1 January 2021. […]
Many owner managed businesses will have faced unique changes to their payroll processes as a result of COVID-19 and at times, the changes have been overwhelming. Our payroll team have worked diligently to guide our clients through the Coronavirus Job Retention Scheme (CJRS), how to manage furlough payments and keep records, and offered ongoing support […]
Date What’s Due 1/12/20 Corporation tax for year to 28/02/2020 unless quarterly instalments apply 19/12/20 PAYE & NIC deductions, and CIS return and tax, for month to 5/12/20 (due 22/12 if you pay electronically) 30/12/20 Deadline for filing 2019/20 tax return online in order to request that HMRC collect outstanding tax via the 2021/22 […]
Claims must be made by the 14th of the following month although they can be made up to 14 days in advance. Another key difference from the previous versions of CJRS is that there is no requirement that the employee was on the payroll at 19 March 2020 or has been previously furloughed. They do […]
HMRC have announced that they will be imposing penalties of up to 100% of the amounts overclaimed on businesses so make sure that your claims are correct. The penalties depend on whether or not the overclaim is the result of a deliberate error and whether or not the disclosure was prompted by HMRC. The penalty […]
HMRC have recently announced that employers may arrange a “virtual” Christmas party this year and there will be no taxable benefit for employees provided that all staff are invited and the cost per head does not exceed the normal £150 limit. In addition to this, remember that certain gifts to staff at Christmas are also […]
Where possible taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed up amount donated. For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a […]
