Corporate tax news

Budget 2021: When is the Budget?

Budget 2021: When is the Budget?

The Chancellor Rishi Sunak will deliver his 2021 Budget on Wednesday 3rd March 2021.   What time is the Budget? The Budget is expected to take place at about 12:30 pm, straight after PMQs. The first part of the statement typically begins with a review of the...

Changes to the off-payroll working rules from April 2021

Changes to the off-payroll working rules from April 2021

If your business utilises subcontractors who provide personal services through limited companies or other intermediaries, then you may have to make substantial changes to comply with new rules which take effect from April 2021. It is vital that you act now to ensure...

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 March 2021.  The rates have increased by 1p per mile for petrol and diesel cars with an engine size of 1400-2000cc to reflect a slight increase in fuel prices. HMRC reviews the advisory...

Self-Assessment – More Time to Pay

HMRC has announced further help for Self-Assessment taxpayers, by extending the late payment penalty deadline until 1 April 2021.  Under normal circumstances, a 5% penalty would be incurred on any tax payments which were due by 31 January 2021 and are still...

Calls for a rise in the High Income Child Benefit Charge threshold

The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April 2021.  The £50,000 threshold for the HICBC has remained static...

Canny romantics: The tax benefits of marriage

Canny romantics: The tax benefits of marriage

Considering popping the question on Valentine’s Day?  Here we look at some of the tax breaks married couples can benefit from and how it can pay to get hitched   The Marriage Allowance The Marriage Allowance can enable eligible married couples and civil partners...

Self-Assessment deadline extended

HMRC has confirmed that the deadline for those filing their 2019-20 Self-Assessment tax returns online has been extended from 31 January 2021 to 28 February 2021.  Taxpayers will not receive an automatic £100 late filing penalty if they file their 2019-20 return...

DAC6 – How have the rules changed since leaving the EU?

DAC6 is a system of mandatory reporting of cross-border tax arrangements, where these affect one or more EU member states and fall into one or more particular characteristics (hallmarks). Following the UK leaving the EU, DAC6 will no longer be applied in its entirety....

ATED – Can you claim annual relief on your residential property?

Annual Tax on Enveloped Dwellings (ATED) is an annual tax that requires limited companies owning UK residential properties with a value of more than £500,000 to complete an ATED return. You must complete an ATED return if your property: Is located in the UK Is a...

VAT Deferral Guidance

HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make. HMRC is advising taxpayers who deferred their VAT payments to: pay the deferred VAT in full on or before 31 March 2021 or opt...

2019/20 Self-assessment deadline approaching

The deadline for submitting your 2019/20 self-assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions...

Chancellor Announces Budget for 2021

Chancellor Rishi Sunak Announces Budget for 3 March 2021 The Budget is an annual announcement from the Chancellor of the Exchequer about the Government’s plans for spending and taxation for the upcoming tax year. Next year’s Budget will outline plans for the 2021/22...

Christmas parties and staff gifts – a tax guide

Christmas parties and staff gifts – a tax guide

Christmas parties and staff gifts - a tax guide With the festive period now approaching, we are often asked by employers about the tax treatment of providing a staff Christmas party or giving gifts to employees. Here is a quick reminder of the rules.   STAFF PARTIES...

Additional COVID Support Announced for Businesses

Two new COVID support schemes have now been made available to businesses   Restart and Recovery Fund Supply Chain Grants   Restart and Recovery Fund From Wednesday 2nd December businesses will be able to apply for the Restart and Recovery Fund. This £1.1m...

Enhanced Payment Plans for Self-Assessment Taxpayers

Self-assessment taxpayers are now able to benefit from enhanced payment plans and can apply online for additional support to help spread their tax bill into monthly payments. The online payment plan service was already able to set up installment arrangements for...

R&D cap announced

R&D cap announced

The government has announced a cap on the amount of payable tax credit that a company can claim for Research and Development (R&D). The cap will be £20,000 per period plus 300% of the PAYE and NIC payable for the period. This will take effect for periods starting...

Government extends £1 million tax break

HM Treasury has announced that the Annual Investment Allowance (AIA) will remain at £1 million until 1 January 2022.  The AIA allows businesses to claim same-year tax relief for capital investments in plant and machinery assets and was due to revert to £200,000 on 1...

Self-Employment Income Support Scheme (SEISS) extended

Self-Employment Income Support Scheme (SEISS) extended

The Chancellor has today announced increased support available for the Self-Employed under the Self-Employment Income Support Scheme (SEISS).  There are two further grants available under this scheme, covering the periods November 2020 to January 2021 and February...

Questionable R&D Claims Causing Hidden Issues

Research and development (R&D) tax relief has been around for over 20 years now. The government is satisfied that the tax relief is working and helping the economy. This is because this scheme encourages businesses to innovate new technologies and invest in...

Self-Assessment Tax Returns 2019/20 – Take Action Now!

Upcoming Self-Assessment Deadlines There are a number of upcoming deadlines for Self-Assessment taxpayers: Registration for Self-Assessment: 5 October 2020 Submission of paper tax returns: 31 October 2020 Submitting of electronic tax returns: 31 January 2021 Payment...

Chancellor Announces Job Support Scheme

The Chancellor Rishi Sunak has announced a new Job Support Scheme to top up the wages of workers on reduced hours along with other emergency measures to assist businesses. We have provided a summary of the announcements.   Job Support Scheme The new Job Support...

Deferral of Tax Payments

Deferral of Tax Payments

The Chancellor has today announced an extension for the deferral of Self-Assessment tax payments due in January 2021, which is expected to benefit around 11 million Self-Assessment taxpayers. This is in addition to the deferral which was previously announced in...

Are we heading towards a cashless society?

Are we heading towards a cashless society?

Has COVID-19 affected the use of cash? In the last few years, the use of cash has been declining as electronic payments have been on the rise, with many believing that cash would eventually become antiquated. In 2008 63% of all transactions were made in cash, in 2018...

Kickstart Scheme opens for employer applications

Kickstart Scheme opens for employer applications

The government’s £2 billion Kickstart scheme has opened for employer applications.  The scheme will offer funding to employers who provide job placements for young people. The Kickstart Scheme aims to create work placements for young people who are at risk of becoming...

Eat Out to Help Out – over 64 million meals

Eat Out to Help Out – over 64 million meals

Eat Out to Help Out - over 64 million meals The government has announced that more than 64 million meals were enjoyed by diners across the country during the government's Eat Out to Help Out discount scheme. The scheme closed on 31 August 2020. Government figures show...

The Lost Tax Relief For Partners’ Expenses

The Lost Tax Relief For Partners’ Expenses

THE LOST TAX RELIEF FOR PARTNERS’ EXPENSES As a partner you could be missing out on claiming relief for your personal homeworking expenses, with COVID-19 throwing a spanner in the works, and with an increase in working from home you may be incurring more expenses that...

Additional support now available for the self employed

Additional support now available for the self employed

Additional support now available for the self-employed The applications for the second stage of the Self Employment Income Support Scheme (SEISS) opened on the 17th August 2020.  The first stage of the scheme saw 2.7 million self-employed people received a total of...

HMRC outlines Job Retention Bonus criteria

HMRC outlines Job Retention Bonus criteria

HMRC outlines Job Retention Bonus criteriaHMRC has outlined the eligibility requirements for the Job Retention Bonus (JRB) that follows the furlough scheme.The government's Coronavirus Job Retention Scheme ends on 31 October 2020 and the JRB aims to provide additional...

Car or Van? Coca-Cola lose in Court of Appeal

Car or Van? Coca-Cola lose in Court of Appeal

Car or Van? Coca-Cola lose in Court of Appeal The Court of Appeal has ruled that the Vauxhall Vivaro and VW Transporter vehicles used by Coca-Cola employees were not “goods vehicles” and should be taxed as cars for benefit in kind purposes.  The case has wide...

What are Growth Shares?

What are Growth Shares?

Growth shares entitle key employees to share in the future growth of the company.  They are commonly used to reward or incentivise employees but can also be useful for effective inheritance and succession planning.   What are growth shares? They are a separate class...