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, […]
The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief if they employ a veteran during the qualifying period. The qualifying period starts on the first day of the veteran’s first civilian job since leaving the regular armed forces […]
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%. Those upper and lower limits are divided by the number […]
The Self-Employed Income Support Scheme (SEISS) has been extended to September 2021 and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant covering May to September 2021. The latest grant allows the self-employed to claim 80% of their […]
Employers can now submit CJRS claims for periods in April. These must be made by Friday 14 May. You can claim before, during or after you process your payroll. If you can, it’s best to make a claim once you are sure of the exact number of hours your employees will work so you do […]
