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Tax Diary March/April 2021

1 March 2021 – Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 ...
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Outcome of the Uber case

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously upheld the decisions ...
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VAT Agricultural Flat Rate Scheme

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT ...
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Government to publish range of tax consultations

In a recent HM Treasury press release it has been confirmed that the government will publish a number of tax-related ...
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Capital Gains Tax exemptions

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited ...
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Inheritance Tax – tax-free gifts

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax ...
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Claiming Self-Employed Income Support Scheme grants

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November ...
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What is overtrading?

A reminder that traders who buy and sell goods – wholesalers or retailers – need to be wary of the ...
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Emerging from lockdown

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social ...
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Buying equipment for your job

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax ...
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Tax breaks working from home

Employees who are working from home may be able to claim tax relief for any additional costs due to home ...
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Guidance for paying deferred VAT updated

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March ...
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Simplified export declarations

Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU ...
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Added protection for pension savers

The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of important pensions-related ...
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Marriage Allowance tax break

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of ...
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Post-Brexit review of workers’ rights cancelled

In an apparent U-turn, the Business Secretary has confirmed during a television interview that a proposed post-Brexit review of EU-derived ...
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Financial outcomes for your business

There are three possible financial outcomes for your business, each with their own challenges: Make a profit Breakeven, or Make ...
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How much do your customers owe you?

Many business owners are buoyed by turnover; if it’s sold it’s as good as money in the bank, but is ...
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Present criteria for claiming via the furlough scheme

The detailed Furlough Scheme rules were last updated 4 February 2021. People who are unable to work can receive up ...
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VAT and overseas goods sold to customers in the UK

Following the end of the Brexit transition period, new rules on tax and duty now apply on goods sent to ...
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Bounce Back Loans scheme changes

The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses across the UK that ...
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Self-Employment Income Support Scheme

Claims for the third Self-Employed Income Support Scheme (SEISS) grant closed on 29 January 2021. Under this grant, the self-employed ...
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Accounting for import VAT on your VAT return

Following the end of the transition period, businesses registered for VAT can account for import VAT on their VAT return, ...
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Why keeping adequate accounting records is important

A recent investigation by the Insolvency Service resulted in the sole director of a Leicester clothing manufacturer being jailed for ...
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