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 […]
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 […]
2019/20 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2021 unless you have agreed a payment plan with HMRC. Note that if the balance is still unpaid at the end of February 2020, a 5% surcharge penalty is added in addition to the normal interest charge unless […]
Now that the UK has left the EU some taxpayers will start to see additional tax costs. One example is where UK residents own holiday homes in EU countries that they rent out for part of the year. Owners of EU rental properties may now be required to pay more tax in those countries, having […]
If your VAT payments were deferred in the period 20 March – June 2020 you can do one of the following: Pay the deferred VAT in full on or before 31 March 2021 Opt-in to the VAT deferral payment scheme Contact HMRC if you need more time to pay If you would like to opt […]
As the 31 January deadline approaches please be aware of copycat HMRC websites and phishing scams which increase during this time. HMRC customers should always type in the full online address www.gov.uk/hmrc to get the correct link for their Self Assessment tax return online securely and free of charge. Be alert if someone calls, emails or texts […]
The HMRC self- serve time to pay facility is now available online to set up monthly direct debits to pay outstanding tax liabilities. You can set up a payment plan to spread the cost of your latest Self Assessment bill if: you owe £30,000 or less you do not have any other payment plans or […]
Date What’s Due 1/01 Corporation tax payment for year to 31/3/20 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/21 (due 22/01 if you pay electronically) 31/01 Deadline for Self-Assessment tax return for 2019/20 if filed online. Also the due date for 2019/20 balancing payment […]
