News

HMRC’s Annual Tax Summary

03/12/2020

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

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Pay January tax by instalments

03/12/2020

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

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Confirmation of Minimum Wage increases 2021

03/12/2020

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

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EU exit - did you read this letter?

03/12/2020

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

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Deadlines for paying deferred VAT

03/12/2020

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

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New advisory fuel rates published

03/12/2020

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

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Treasury directive re third SEISS grant

03/12/2020

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

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Accounting and Reporting standards from 1 January 2021

03/12/2020

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

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Recent case re late filing appeal

03/12/2020

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

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Supply chains, a predictive approach for 2021

02/12/2020

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

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Coping with the new EU reality

02/12/2020

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

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Spending Review 2021/22

26/11/2020

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

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Tax Diary December 2020/January 2021

26/11/2020

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

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Reasonable excuses for making a late furlough claim

26/11/2020

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

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Beware tax deadline scammers

26/11/2020

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

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Register for Northern Ireland Trader Support Service

26/11/2020

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

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MTD for Corporation Tax consultation

26/11/2020

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

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Proposed changes to CIS abuse rules

26/11/2020

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

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