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 December 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 December
More...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 after the stated deadline. Claims for the periods from 1 July 2020 to 31 October 2020 must be
More...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 number of these scams purport to tell taxpayers they are due a tax rebate or tax refund
More...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 moving goods between Great Britain and Northern Ireland whether or not a Free Trade Deal is
More...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 regime MTD started in April 2019 for VAT purposes only. MTD for Income Tax is expected to be
More...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 launched. Following the consultation and further meetings with those working in the
More...The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme was due to come to an end on 31 October 2020 but has now been extended until 31 March 2021. Effective from 1 November 2020, employees will receive up to 80% of their salary for hours not worked. There will be a review date of the CJRS in January 2021, which
More...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 cover the period from April 2021 to April 2022. The Chancellor said his immediate
More...Many of us are building a pension fund, a portfolio of shares or deposits with our bank or building society. Most of these investment options reward us for our participation by offering income (usually in the form of interest or dividends) or by demonstrating capital growth (share prices increasing). Accordingly, there are three
More...Companies House has issued a press release to remind all companies to sign up for email reminders for annual accounts and confirmation statement. Companies House has now stopped sending reminders by post and has sent a final reminder letter to all companies currently receiving paper reminders. The letter explains why Companies House has
More...The Government has confirmed that the Self-Employed Income Support Scheme (SEISS) grant extension will apply for 6 months from 1 November 2020. It will be possible to claim the SEISS grant extension even if no previous claim had been made under the scheme once the eligibility criteria are met. The self-employed will receive 80% of
More...The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 pandemic. The scheme allows small businesses to borrow between £2,000 and £50,000 and access the cash in most cases within 24 hours of
More...In a welcome move, the government has announced that the temporary Annual Investment Allowance (AIA) cap will be extended for a further 12 months until 1 January 2022. The government says that this move is intended to boost confidence as companies look to weather the pandemic and plan for the future. This should also encourage investment
More...Now is usually the time that businesses are planning Christmas parties for staff as well as possibly for partners/spouses, clients and prospective clients. Of course, with the continued pandemic and various lockdowns Christmas is looking pretty much cancelled this year. However, we have set out the benefit conditions for annual parties
More...The trivial benefits in kind (BiK) exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given to employees or any other benefit in kind classed as 'trivial' that falls within the exemption. Although the benefit is defined as ‘trivial’, employers should remember that this offers a great opportunity to
More...The VAT system is policed by HMRC who can and do levy penalties for breaches of the legislation. There are four conditions that must be satisfied in order for an activity to be within the scope of UK VAT. These conditions are that the activity: Is a supply of goods or services That the supply takes place in the UK Is made by a
More...An updated Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the extended Coronavirus Job Retention Scheme (CJRS) was published on 12 November 2020. The CJRS was due to come to an end on 31 October 2020 but has now been extended until 31 March 2021. Effective 1 November 2020, employees will receive up to
More...Scotland’s Finance Secretary, Kate Forbes, has announced that the Scottish Government’s Budget will be published for 2021-22 on 28 January 2021. The date has been selected in order to allow the Scottish Government time to prepare for the new tax year. This is the second time that Scotland has held a Budget before the rest of the UK. The
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