Date What’s Due 1/03 Corporation tax payment for year to 31/5/20 (unless quarterly instalments apply) 19/03 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/21 (due 22/03 if you pay electronically) 1/04 Corporation tax payment for year to 30/6/20 (unless quarterly instalments apply) 5/04 End of 2020/21 tax year. Tax […]
The thresholds for employee and employer national insurance contributions (NICs) have been increased by £1 a week for the 2021/22 tax year. Employees will be liable to 12% NICs between £184 and £967 a week (£50,270 a year). Employer contributions will start at £170 a week. The self-employed will pay 9% Class 4 NICs on […]
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p 1600cc or less 9p (8p) 1401cc to 2000cc 12p (11p) […]
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%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]
The new “reverse charge” system of VAT accounting affects sub- contractors supplying their services to main contractors in the construction sector. Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain are no longer invoiced in the normal way. Under the new reverse charge system, the sub-contractor […]
Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021. The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act […]
HMRC has announced that over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral Payment Scheme to pay it in smaller monthly instalments. Businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They will now be […]
The Government has announced a £20 million support package for small businesses (SMEs) to mitigate some of the time and costs caused by the new Brexit rules. Michael Gove announced the SME Brexit Support Fund last week to help small and medium-sized businesses when trading with the European Union. The funding has been made available […]
If you’re an employer looking to create job placements for young people, you can apply for funding as part of the Kickstart Scheme. The scheme has changed, and you no longer need a minimum of 30 job placements to apply directly for a grant. You can now apply for a Kickstart Scheme grant by either: […]
As we near the end of the financial year, it’s an ideal opportunity to pause and review your personal finances. If you are choosing this period to review your current pension situation, it’s worth considering the following: Check what type of pension you have, does it offer flexibility? Many pensions schemes now offer the option […]
