Date What’s Due 01/06 Corporation tax for year to 31/8/20 (unless pay quarterly) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/6/21 (due 22/06 if you pay electronically) 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 […]
A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition […]
Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties. Dispensations from reporting are no longer required, although […]
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p (10p) 8p (7p) 1600cc or less 9p 1401cc to 2000cc 13p […]
One 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. If they are to avoid being taxed on the provision of private fuel they need to fully reimburse their employer for the cost of private fuel […]
P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced. During the various lockdown periods many employees and directors have not been using their company […]
Do you know anyone who is interested in a career in accountancy? This month Sean Dorman will be taking part in Croydon Commitment’s Career Talk taking place on 12 May. This virtual event is FREE to attend and will be conducted via ZOOM as part of Croydon Commitment’s new Ways2Work Employability Programme which aims to […]
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. MTD for VAT is now being rolled out to all VAT registered […]
The fourth version of the CJRS grant scheme started on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked. The government, […]
Date What’s Due 01/05 Corporation tax payment for year to 31/07/20 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/21 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/08/20 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, […]
