Business rates have been devolved to Scotland, Northern Ireland and Wales. The government announced at Budget 2020 that it would conduct a fundamental review of the business rates system in England. The government’s objectives for the review were reducing the overall burden on business, improving the current business rates system and allowing the consideration of […]
With many employees going back to work after the end of furlough support, and a gradual return to working back in the office many families will need to start thinking about re-adjusting childcare options. Employees should set up a “Tax-Free” Childcare Account if they haven’t already done so to help pay towards the cost of childminders, breakfast and after […]
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as the flats themselves are the dwellings not the building as a whole. HMRC have recently […]
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy to let landlords an extra year to […]
Date What’s Due 01/10 Corporation tax for year to 31/12/20, unless quarterly instalments apply 05/10 Deadline for notifying HMRC of chargeability for 2020/21 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 5/10/21 (due 22/10 if you […]
The announcement of the proposed changes to NICs and tax on dividends more than six months before they take effect means that there is time to reduce the impact. Employees could consider agreeing a salary sacrifice arrangement with their employer, for example sacrificing their £5,000 annual bonus for an additional pension contribution paid by their […]
The Prime Minister announced on 7 September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care. From April 2022 it is proposed that there will be a 1.25% rise in National Insurance Contributions (NICs) to be paid by both employers and […]
The legislation to introduce the new Plastic Packaging Tax is in law and included in the Finance Act 2021. Secondary legislation will be introduced later in the year, and until the secondary legislation becomes law, the contents of the HMRC Policy Paper (linked below) are subject to change. More guidance will be published later in […]
As the result of recent increases in petrol and diesel prices HMRC have increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The same rates apply when the employer reimburses employees for fuel used for business journeys in their company car. Curiously the LPG reimbursement rates […]
Date What’s Due 1 September Corporation tax for year to 30/11/20 unless pay by quarterly instalments 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/21 (due 22 September if you pay electronically) 1 October Corporation tax for year to 31/12/20 unless pay by quarterly instalments 5 October Deadline for […]
