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

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?

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...

2019/20 Self-assessment deadline approaching

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 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...

Enhanced Payment Plans for Self-Assessment Taxpayers

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

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...

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

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...