Businesses that deferred VAT payments last year due to the Coronavirus Pandemic must now take action. If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021 join the VAT deferral new payment scheme [...]
Watch out for an important change in the timing of reporting and paying the related Capital Gains Tax. From 6 April 2020, if you make a taxable capital gain on the sale of UK residential property will have to pay the tax within 30 days of the completion of the sale. This will be done [...]
No VAT needs to be paid from now until 30 June 2020. This is part of the Government’s actions to assist businesses during the Covid 19 epidemic. However, this is merely a loan and VAT returns will still have to be sent in on time. The VAT is postponed and, depending on your normal [...]
Some years back now the tax system started to change, especially where higher earners are concerned. The result is you cannot always rely on all your tax being collected by PAYE. Sometimes this leads to an unwelcome tax catch up bill at the end of January. Sometimes, depending on the level of underpayment, you can [...]
MTD for VAT is due to go live from 1 April 2019. Many people are asking what this means to them and their business. Is your business registered for VAT? If your business is not VAT registered (and doesn’t need to be VAT registered), MTD does not currently apply to you, and you do not [...]
Although there were rumours that there might be a delay, Making Tax Digital as regards VAT is going ahead from 1st April 2019. There is still no decision on when other taxes will become digital. Who does MTD on VAT affect? Essentially it will apply to all VAT registered businesses and registered landlords above the [...]
For a number of years employers have been able to offer their employees (and directors) a childcare voucher scheme whereby the employee is able to sacrifice up to £243* per month of their salary towards registered childcare. The employee benefits from the fact that this amount is not subject to tax or NI. *the [...]
Was it a good Budget for you? The Spring Budget didn’t startle, but it was a generally gloomy one for business owners. What changes were announced and how might they affect you? Dividends. The so-called dividend allowance (DA) of £5,000, which is actually a 0% rate band, introduced on 6 April 2016 will be slashed [...]
From 1 April 2017 HMRC will introduce a new business type known as a ‘limited cost business’, which will have a Flat Rate Scheme percentage of 16.5%. You’ll be classed as a ‘limited cost business’ if your goods cost less than either: • 2% of your turnover • £1,000 a year (if your costs are [...]
From about 2020, there will be no more Tax Returns. That’s the plan. It sounds like a good idea. HMRC can get most of the information about your income from other sources. They can find out what you earn from your employer. They can find out what dividends you get from public companies. They know [...]