Yearly Archives: 2020

Concerned about tax payments due 31 January 2021?

UK taxpayers that file a tax return will need to pay a variety of self-assessment tax and NIC liabilities that will fall due at the end of January 2021. They include:

 

· The second payment on account for 2019-20 if deferred when first due 31 July 2020.

· Any balance of taxes unpaid for 2019-20

· The first...

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Parting shot from the Chancellor

For a man that has admitted he has concerns about the level of government funding committed to the support of businesses during the last nine months, Rishi Sunak’s disclosure last week that he is extending the furlough scheme to the end of April 2021 points to a deepening concern in government that we are not...

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Looks like we are heading for a no-deal exit from the EU

If the following criteria apply, this is what our government recommend that you do from 1 January 2021:

You:

  • Are British
  • Live and work in the UK
  • Travel to the EU for business reasons
  • Have no plans in the short-term to travel abroad for holidays
  • Do not plan to move to the EU
  • Run and/or own a business in the UK
  • Do not...
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Accounting for import VAT on your VAT return

From 1 January 2021, if your business is registered for VAT in the UK, you will need to consider how to treat VAT added to imports from the EU.

Accounting for import VAT on your VAT Return means you will declare and recover import VAT on the same VAT Return, rather than having to pay it...

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Possible crackdown on unfair employment clauses

The following update is copied from a government press release recently issued by the Department for Business, Energy & Industrial Strategy.

New proposed measures to allow workers’ greater freedom to find new or additional work were unveiled by Business Secretary Alok Sharma 4 December 2020.

In a major win for the UK’s lowest paid workers, the government...

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What have we learnt from 2020?

To answer this question, we should take a look at a few adjectives that have been used to describe COVID-19’s effects on our personal and business lives. For example, unexpected, unprecedented, disruptive…

Prior to the pandemic we assumed that tomorrow would turn out much like yesterday. Many businesses had become accustomed to managing cash flow on...

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Summary of spending review 2021-22

A summary of the business elements of the recent Spending Review for next year are set out below:

Continuing the UK’s recovery from coronavirus

The Spending Review has set out the government’s intention to maintain support to protect jobs, businesses and livelihoods, while stimulating the UK’s economic recovery.

In the Spending Review the government has committed to invest:

  • an...
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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 tax electronically the due date is 22 December 2020)

19 December 2020 - Filing deadline for the CIS300 monthly return for...

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Customs changes from 1 January 2021

Most smaller businesses will not have the resources to train and employ their own customs clearance staff in which case you may have to consider using a customs agent or broker. We have reproduced the advice on the GOV.UK website on this critical issue below.

If you do import or export goods from and to the...

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Trivial benefits are not so trivial

A reminder that It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual Christmas, New Year holidays.

Employers and employees don’t have to pay tax on small benefits provided they comply with the following rules:

  • it cost...
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