A common misconception we encounter is whether a company is defined as trading or non-trading in the eyes of HMRC. A company is considered by HMRC not to be active when the company has not yet become active or started trading. The company whilst … Continue reading Do You Know Your Trading From Your Non-Trading Companies?
The new super-deduction tax break, which will allow companies to deduct 130% of the cost of any qualifying investment from their taxable profits, is available on most new plant and machinery investments that ordinarily qualify for 18% main rate … Continue reading Companies Can Now Claim “Super-Deduction”
1 April 2021 - Due date for Corporation Tax due for the year ended 30 June 2020. 19 April 2021 - PAYE and NIC deductions due for month ended 5 April 2021. (If you pay your tax electronically the due date is 22 April 2021) 19 April 2021 - Filing … Continue reading Tax Diary March/April
The Restart Grant scheme supports businesses in reopening safely as COVID-19 restrictions are lifted. Grants will be available from 1 April 2021, but you can submit applications in advance. Eligible businesses in the non-essential retail, … Continue reading Coronavirus Restart Scheme
You can now submit your CJRS claims for periods in March 2021. These must be made by Wednesday 14 April. You can claim before, during, or after you process your payroll. If you can, it’s best to make a claim once you’re sure of the exact number of … Continue reading CJRS Claims For March
As we head towards April now is the time to think about pre-tax year planning, doing the year-end administration, and filing the necessary forms to HMRC. Time is running out to make the most of your tax allowances this year. The first step … Continue reading Out With The Old & In With The New – Tax Year Prep
As promised in the Budget 2021, an amendment to the Income Tax Regulations 2021 has been laid before Parliament and is due to come into force on 31 March 2021. The temporary exemption from Income Tax for amounts reimbursed to an … Continue reading Temporary Income Tax & NIC Exemptions
HMRC’s published guidance titled ‘Check a list of genuine HMRC contacts’ has been updated. The list is intended to help taxpayers check if recent contacts purporting to be from HMRC are actually a scam. The guidance contains a list of emails, phone … Continue reading Latest ‘HMRC’ Phishing Scams
Employees with more than one job may be able to defer or delay paying Class 1 National Insurance contributions in certain circumstances. This is done using form CA72A - Defer payment of Class 1 National Insurance contributions. The form to apply to … Continue reading Deferring National Insurance Contributions
It is not long until the current 2020-21 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs … Continue reading Prepare For Payroll Year-End
Northern Ireland A meeting of the EU-UK body overseeing the NI Brexit arrangements and aimed at resolving issues with the Irish sea border has had mixed reactions amongst NI politicians. No change was reported in extending the request by the UK to … Continue reading Brexit Update
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 … Continue reading Should You Buy New Equipment Before 6th April?