It is doubtful that HMRC will change the tax year end date. The current tax year will therefore come to an end on 5 April 2021. Which means that tax-payers still have two months (February and March 2021) to take advantage of any tax planning strategies that may advantage their tax liabilities for 2020-21. As […]

During the last week of January, HMRC finally accepted that many tax-payers would not make the filing deadline – 31 January 2021 – for their 2019-20 self-assessment tax return; due, in the main, to continuing COVID disruption. As a gesture, they have confirmed that: Self-Assessment tax-payers who cannot file their tax return by the 31 […]

1 February 2021 – Due date for Corporation Tax payable for the year ended 30 April 2020. 19 February 2021 – PAYE and NIC deductions due for month ended 5 February 2021. (If you pay your tax electronically the due date is 22 February 2021) 19 February 2021 – Filing deadline for the CIS300 monthly […]

If you took advantage of the offer to defer VAT payments falling due between 20 March 2020 and 30 June 2020 – to help out with the impact of COVID disruption – your now have three choices. You can: pay the deferred VAT in full on or before 31 March 2021 opt in to the […]

At first sight, company cars drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. When the current tax year ends, 5 April 2021, the illustration below demonstrates how a cash payment to an […]

Almost 25,000 Self-Assessment customers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1 million, HMRC revealed recently. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for Self-Assessment taxpayers. Once they have completed their 2019-20 tax return […]

Contractors and subcontractors registered for VAT and the Construction Industry Scheme will need to use the VAT reverse charge process for building and construction services from 1 March 2021. VAT registered subcontractors affected by this change will no longer add VAT to their invoices to contractors. Instead, the contractors’ accounting system will need to add […]

It is possible that your estate will pay no IHT on the valuation of any business assets. The amount of relief available depends on the type of assets held at death. Your estate may be able to claim 50% or possibly 100% relief. You can get 100% Business Relief on: a business or interest in […]

Government have set out a list of six actions that all businesses who continue to trade with EU customers or suppliers should complete now that the formal transition has ended.. The list is: Goods – if you import or export goods to the EU, you must get an EORI number, make customs declarations or employ […]

Couples may have experienced the difficulties that can arise when couples separate or divorce. One area where they may need to resolve are the options that courts have to direct ownership of the marital home. The courts can exercise their jurisdiction in the following ways. By recognising an existing equitable interest of the spouse or […]