News

HMRC’s Annual Tax Summary
03/12/2020 - More...
The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government. The Annual Tax Summary shows: your taxable income from all sources that HMRC knew about at the time that it was prepared the rates used to calculate your Income Tax and National Insurance contributions a breakdown of how the UK government...

Pay January tax by instalments
03/12/2020 - More...
The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year. You may also need to pay the second...

Confirmation of Minimum Wage increases 2021
03/12/2020 - More...
The Chancellor used the recent Spending Review to confirm that increased National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021. From 1 April 2021, the National Living Wage will increase by 19p to £8.91. This represents an increase of 2.2%. The National Living Wage currently applies to those aged 25 and over but from next April will be...

EU exit - did you read this letter?
03/12/2020 - More...
The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma has written a letter to businesses in the professional services sector. The letter (available in English and Welsh) provides tailored advice on what key actions businesses must take after the transition period ends on 31 December 2020. The UK government confirmed earlier this year that it would...

Deadlines for paying deferred VAT
03/12/2020 - More...
The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020. There are two options available for repaying this VAT. The first option is to pay the deferred VAT in full on or before 31 March 2021. No interest or...

New advisory fuel rates published
03/12/2020 - More...
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel...

Treasury directive re third SEISS grant
03/12/2020 - More...
HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the SEISS from 1 November 2020 to 29 January 2021, officially referred to as the SEISS Grant Extension 3 (SEISS 3). The...

Accounting and Reporting standards from 1 January 2021
03/12/2020 - More...
The Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) have jointly published a letter to the accounting and audit sectors setting out the UK’s legal framework for accounting and corporate reporting at the end of the transition period on 31 December 2020. The information in the letter is particularly relevant for UK...

Recent case re late filing appeal
03/12/2020 - More...
The First-tier Tribunal (FTT) has dismissed a taxpayer’s appeal for having a reasonable excuse. The taxpayer applied out of time for permission to appeal against penalties imposed by HMRC. The appeal was in relation to late payment penalties imposed on the taxpayer for failing to submit annual Self-Assessment returns on time for the tax years 2010-11 and 2012-13. The...

Supply chains, a predictive approach for 2021
02/12/2020 - More...
One of the more positive aspects – perhaps the only positive aspect - of COVID disruption has been the movement away from fixed systems to more flexible systems to cope with the changing demands of lock-down. Who would have predicted a year ago that many of us would grow accustomed to working from home plus having to deal with economic and medical challenges in our...

Coping with the new EU reality
02/12/2020 - More...
It is apparent that our final exit from the EU, 1 January 2021, will disrupt the movement of goods, back and forth, while transport links and customs authorities adjust to the new reality. Hopefully, readers that are directly affected – with customers or suppliers in the EU – will already be aware of the customs red tape that they will need to comply with in the...

Spending Review 2021/22
26/11/2020 - More...
The Chancellor, Rishi Sunak delivered the government's spending plans for the coming year to Parliament on 25 November 2020. The Spending Review usually covers 3 to 4 years but given the many unknowns as a result of the pandemic the review will only cover the period from April 2021 to April 2022. The Chancellor said his immediate priority was to protect people’s...

Tax Diary December 2020/January 2021
26/11/2020 - More...
1 December 2020 - Due date for Corporation Tax payable for the year ended 28 February 2020. 19 December 2020 - PAYE and NIC deductions due for month ended 5 December 2020. (If you pay your tax electronically the due date is 22 December 2020) 19 December 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 December 2020. 19 December 2020 - CIS tax...

Reasonable excuses for making a late furlough claim
26/11/2020 - More...
HMRC’s guidance on making claims through the Coronavirus Job Retention Scheme was updated on 19 November 2020. The updated guidance now includes various examples of what is meant by a ‘reasonable excuse’ for employers that submit furlough claims after the stated deadline. Claims for the periods from 1 July 2020 to 31 October 2020 must be submitted no later...

Beware tax deadline scammers
26/11/2020 - More...
Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January deadline for submission of Self-Assessment returns. In fact, over the last year, HMRC received more than 846,000 reports about suspicious HMRC contact. A number of these scams purport to tell taxpayers they are due a tax rebate or tax refund from HMRC and ask for bank or credit card...

Register for Northern Ireland Trader Support Service
26/11/2020 - More...
The Northern Ireland Trader Support Service was launched on 28 September 2020 to support businesses moving goods under the Northern Ireland Protocol from 1 January 2021 after the Brexit transition period comes to an end. There will be changes in moving goods between Great Britain and Northern Ireland whether or not a Free Trade Deal is reached. These changes will affect those...

MTD for Corporation Tax consultation
26/11/2020 - More...
HMRC has issued a new consultation to examine how the principles established for Making Tax Digital (MTD) could be implemented for those entities within the charge to Corporation Tax. The consultation is open for comment until 5 March 2021. The regime MTD started in April 2019 for VAT purposes only. MTD for Income Tax is expected to be introduced from 6 April 2023. The...

Proposed changes to CIS abuse rules
26/11/2020 - More...
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. It was announced at Spring Budget 2020 that a consultation on measures to tackle abuse of the CIS would be launched. Following the consultation and further meetings with those working in the sector four new changes to prevent CIS abuse...

Deciding length of CJRS claim period
26/11/2020 - More...
The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme was due to come to an end on 31 October 2020 but has now been extended until 31 March 2021. Effective from 1 November 2020, employees will receive up to 80% of their salary for hours not worked. There will be a review date of the CJRS in January 2021, which may see employers taking on an increased...

Why compound interest is important
25/11/2020 - More...
Many of us are building a pension fund, a portfolio of shares or deposits with our bank or building society. Most of these investment options reward us for our participation by offering income (usually in the form of interest or dividends) or by demonstrating capital growth (share prices increasing). Accordingly, there are three components to our investments: the capital sum...

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