Date What’s Due 1/04 Corporation tax payment for year to 30/6/20 (unless quarterly instalments apply) 6/04 2020/21 tax year ended on 5th. 2021/22 tax year begins. New “off-payroll” working rules start. 19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/21 (due 22/04 if you pay electronically) 1/05 Corporation tax […]
The Treasury normally issue a bundle of tax consultation documents on Budget Day. This year however they chose to delay the publication until 3 weeks after the Budget. It was expected that the consultation documents would include major changes to CGT and IHT, but it would appear that these have been delayed again. The Treasury […]
In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period. This enhanced carry back applies […]
In the Budget on 3 March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It has been clarified that the new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the […]
In the recent Budget, the chancellor has set out further support for the self-employed. In addition to the upcoming fourth grant there will also be a fifth SEISS grant covering the 5 months to 30 September. The chancellor has extended the scheme to include certain traders who were previously excluded. Thus, those who commenced self-employment […]
Workplace testing now available to all businesses, including those with fewer than 50 employees. Businesses are encouraged to register interest by 31 March to access free workplace testing. As part of the government’s roadmap to cautiously lift restrictions, businesses of all sizes, including those with fewer than 50 employees, can register from today to order […]
A cap on the amount of R&D tax credit which can be paid to a loss-making small or medium-sized enterprise (SME) will be introduced for accounting periods which commence on or after 1 April 2021 Prior to the introduction of the cap, loss-making SMEs incurring qualifying expenditure on R&D activities are allowed to make a […]
High quality traineeships for young people The government will provide an additional £126 million in England for high quality work placements and training for 16-24 year olds in the 2021/22 academic year. Employers who provide trainees with work experience will continue to be funded at a rate of £1,000 per trainee. Payments for employers who […]
Your business year end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). The AIA provides a 100% tax write […]
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 […]
