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Industry News

Tax Diary December 2020/January 2021

Tax Diary December 2020/January 2021

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

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Reasonable excuses for making a late furlough claim

Reasonable excuses for making a late furlough claim

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

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Beware tax deadline scammers

Beware tax deadline scammers

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

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Register for Northern Ireland Trader Support Service

Register for Northern Ireland Trader Support Service

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

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MTD for Corporation Tax consultation

MTD for Corporation Tax consultation

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

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Proposed changes to CIS abuse rules

Proposed changes to CIS abuse rules

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

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Deciding length of CJRS claim period

Deciding length of CJRS claim period

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

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Spending Review 2021/22

Spending Review 2021/22

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

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Why compound interest is important

Why compound interest is important

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

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Immigration Act receives Royal Assent

Immigration Act receives Royal Assent

The Immigration and Social Security Co-ordination (EU Withdrawal) Act 2020 received Royal Assent on 11 November 2020. This is the legislation which will end the free movement of persons

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Email to replace Companies House postal reminders

Email to replace Companies House postal reminders

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

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Claiming the Self-Employed Income Support for first time?

Claiming the Self-Employed Income Support for first time?

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

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Bounce Back loans still available

Bounce Back loans still available

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

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£1 million Annual Investment Allowance extended

£1 million Annual Investment Allowance extended

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

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Benefit conditions – annual parties and events

Benefit conditions – annual parties and events

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

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Benefit conditions – Trivial benefits

Benefit conditions – Trivial benefits

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

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Businesses within the scope of VAT in the UK

Businesses within the scope of VAT in the UK

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

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HM Treasury instructions re CJRS

HM Treasury instructions re CJRS

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

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Scottish Budget 2021

Scottish Budget 2021

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

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Do you need a customs agent?

Do you need a customs agent?

If your business acquires goods or sells goods to the EU, and you have no import/export trade with non-EU countries you probably have no experience of dealing with the raft of red tape

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Those who shout loudest

Those who shout loudest

Many of the business disruption grants that have become available in the last few weeks are being distributed by local authorities. They include support for: Businesses obliged to close

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Coding out debts deadline

Coding out debts deadline

The coding threshold entitles tax payers to have tax underpayments collected via a tax code, provided they are in employment or in receipt of a UK-based pension. The coding applies to

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Protection for landlords and tenants

Protection for landlords and tenants

The government guidance for landlords and tenants as a result of the coronavirus pandemic has been updated. The Coronavirus Act 2020 provides protection to social and private tenants by

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Further support for mortgage borrowers

Further support for mortgage borrowers

The Financial Conduct Authority (FCA) has announced new proposals to ensure that lenders provide tailored support to mortgage borrowers who continue to face payment difficulties due to the

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