Many employed persons will have spent a large chunk of the current tax year, 2020-21, working from home due to COVID restrictions. HMRC will accept a claim to cover any additional costs you may have incurred. Must be required to work from home You may be able to claim tax relief for additional household costs […]

The UK Pensions Act will bolster protections for savers and further the government’s green agenda by supporting progress towards net zero. New powers to penalise errant bosses The Act will strengthen protections for pension savers by extending the powers of the Pensions Regulator, introducing the power to issue civil penalties of up to £1 million, […]

The short-term outlook for UK businesses operating in sectors badly affected by the present COVID lock-down directives is not good. Many cannot trade, many others are facing reduced turnover. Both will be struggling to maintain reserves – stay solvent – and cash-flow. There are strategies that affected businesses can use to reduce fixed costs and […]

The following announcement provides encouragement that a replacement for the EU State Aid process is in development. Details from a recent Government press release are set out below. A new UK-wide system for providing more flexible and tailored financial support to businesses has been set out under plans by the Business Secretary, taking advantage of […]

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 […]