The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a Self-Assessment return will become liable to a £100 late … Continue reading Time to file your tax return
Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as 'bona vacantia' which literally means vacant goods. The bodies that deal … Continue reading What happens to payments received after a company is dissolved?
Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is applicable. The fuel benefit charge is determined by reference to the CO2 rating of the car, applied to a fixed amount. The car fuel … Continue reading Company Cars & Vans
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax-free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. The … Continue reading Have you been issued with a ‘K’ tax code and wondered why?
The Social investment tax relief (SITR) scheme is a tax relief scheme to encourage individuals to support social enterprises and to assist social enterprises to access new sources of finance. The lifetime maximum amount that social enterprises can … Continue reading What Is Social Investment Tax Relief?
There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than on the full selling … Continue reading What goods are eligible for the VAT margin scheme?
HMRC has issued an updated version of VAT Notice 709/3 entitled 'Hotels and holiday accommodation'. The notice has been updated to reflect the change in the reduced rate of VAT for tourism and hospitality to 12.5% from 1 October 2021 to 31 March … Continue reading VAT Update For Hotels & Accommodation
3D Vat Taxes Crossword on white background Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. Any necessary adjustment can be made on a current VAT return. However, there are three … Continue reading What to do if you make an error in your VAT return
There are working time limits that state the legal maximum weekly working hours that a person has to work should not exceed an average 48 hours. The maximum hours for under 18’s are fixed at no more than 8 hours a day or 40 hours a week. The … Continue reading Are you aware of the rules around maximum working hours?
As many of the government support measures to help employees are coming to an end, HMRC has published an important press release on claiming the Working Tax Credit. During the pandemic, the requirement for employees receiving the Working Tax … Continue reading Working Tax Credit Alert
Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the scope of either Income Tax or Corporation … Continue reading Declaring Covid Support Grants To HMRC
It is proposed that there will be a 1.25% increase in the rate of tax payable on dividends received by those who own shares in companies. This would mean that after the £2,000 tax-free dividend allowance the rate of tax would be 8.75% for basic rate … Continue reading Do You Take Dividends? Tax Rates Are Set To Increase