These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2020. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p (6p) 1600cc or less 8p 1401cc to 2000cc 12p 8p (9p) 1601 to 2000cc […]
There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting […]
Date What’s Due 1/10 Corporation tax for year to 31/12/19, unless quarterly instalments apply 5/10 Deadline for notifying HMRC of chargeability for 2019/20 if not within Self-Assessment and receive income or gains on which tax is due 19/10 PAYE & NIC deductions, and CIS return and tax, for month to 5/10/20 (due 22/10 if you […]
More than a million businesses who took out a Bounce Back Loan will get more repayment time through a new Pay as You Grow flexible repayment system. This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months […]
Approximately 11 million self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller […]
The reduction in VAT to 5% for the hospitality and tourism sector will be extended until 31 March 2021.
The existing self-employed grant (SEISS) will be extended on the same basis as the job support scheme. An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade but face reduced demand due to coronavirus. The initial lump sum will cover three months’ worth of […]
On Thursday 24 September Chancellor Rishi Sunak announced a new job scheme starting 1 November 2020 to replace the current Job retention (“furlough”) scheme which ends 31 October 2020. All small and medium-sized businesses are eligible, larger businesses must show their turnover has fallen during the pandemic. Employers can use the new scheme even if […]
Over the course of the past few months, we have all had to adapt to working remotely. Despite lockdown restrictions, many businesses have found ways to move their operations online, with all staff working remotely. This has given rise to an increased volume of virtual meetings on services such as Skype, Zoom, Teams, WebEx or […]
