Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of […]
Since 6 April 2021 large and medium-sized organisations have had to determine whether or not a worker supplying their services via their own personal service company would be treated as an employee if directly engaged. HMRC suggest organisations use their Check Employment Status for Tax (CEST) tool on their website to check the worker’s status, […]
The fifth (and final) SEISS grant is now available for the self-employed, HMRC will contact those traders that may be eligible with their claim date. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If […]
Date What’s Due 1/08 Corporation tax for year to 31/10/20 (unless pay quarterly) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/8/21 (due 22/08 if you pay electronically) 1/09 Corporation tax for year to 30/11/20 (unless pay quarterly) 19/09 PAYE & NIC deductions, and CIS […]
If you have fewer than 250 employees and have paid sick pay for coronavirus related absence, don’t forget you may be able to claim a rebate. You can claim if: you have already paid your employee’s sick pay (use the SSP calculator to work out how much to pay) you’re claiming for an employee who’s […]
In today’s climate its more important than ever to make the most effective use of your time. Outsourcing payroll means you will have more time to focus on your business. Processing payrolls in-house can be time consuming, complicated and stressful. Keeping up to date with ever-changing legislation and updates is demanding and can be a […]
With many businesses recovering from the challenges of the COVID 19 crisis it is vital to remain extra vigilant about the current surge of HMRC scams. Criminals are taking advantage of many individuals and businesses who have been dealing with financial insecurity and uncertainty – using more and more sophisticated methods. The current known scams […]
Date What’s Due 01/07 Corporation tax for year to 30/9/20 (unless pay quarterly) 05/07 Last date for agreeing PAYE settlement agreements for 2020/21 employee benefits 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2020/21 06/07 Deadline for forms P11D and P11D(b) for 2020/21 tax […]
HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax and National Insurance contributions. HMRC strongly believes these arrangements do not work and will seek to challenge anyone promoting or using these arrangements and make sure the correct tax is paid. Users of these arrangements may […]
Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and paid before the end of the accounting period of […]
