Monthly Archives: May 2021

Company super-deductions and tax increases

One of the more innovative aspects of the recent March budget was the introduction of the rather grandly named super-deduction.

Limited companies that invest in qualifying assets in the two-year period 1 April 2021 to 31 March 2023, will be eligible for a 130% tax write-off.

What this means is that if you buy say a new...

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New tariff suspension scheme for the UK

To reduce costs for UK firms that import certain goods from abroad, the Department for International Trade (DIT) has announced a new tariff suspension scheme. The aim, according to a recent press release, is designed to make UK companies more competitive.

The published details of the scheme are reproduced below:

From next month, firms based in the...

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New rules to curb pension scammers.

The government is helping shut the door on social media scammers trying to plunder people’s pensions under new scam prevention measures due this autumn.

Under the plans, suspicious requests could be stopped if pensions savers have been approached to access or transfer their savings uninvited via social media. Such unsolicited contact would trigger a “red flag”...

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How the lockdown rules are changing from 17th May

Fingers crossed that the present rise of the Indian COVID variant is restricted to localised outbreaks and that the intended relaxation of lockdown will generally go ahead as planned from 17th May.

It would be a cruel irony if businesses that have been stocking up and training staff were told they could not open after all...

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Did you overclaim the SEISS grant?

A reminder that HMRC have set out detailed guidance for the self-employed who may have over-claimed any of their Self-Employed Income Support Scheme (SEISS) grants.

The guidance is reproduced below:

You must tell HMRC if, when you made the claim, you were not eligible for the grant. For example:

  • for the first or second grant, your business was...
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Running a limited company

Limited companies are owned by shareholders and managed by directors.

Very often, especially in the case of smaller companies, the owners and managers (shareholders and directors) are the same persons. Unfortunately, each has separate roles and responsibilities. For example, as a director of a limited company you must:

  • follow the company’s rules, shown in its articles of...
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Are your Child Benefits under threat?

For some time now, HMRC have had the power to claw back some or all of the Child Benefits you receive if either parent’s income exceeds £50,000.

The benefit is recovered by the High Income Child Benefit Charge (HICBC). This states that if either parent had income over £50,000 and:

  • either partner received Child Benefit, or
  • someone else...
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Tax Diary May/June 2021

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020.

19 May 2021 - PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021).

19 May 2021 - Filing deadline for the CIS300 monthly return for...

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Advisory Fuel Rates from 1 March 2021

The advisory electricity rate for fully electric cars is 4 pence per mile.

Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates.

The advisory fuel rates for petrol, LPG and diesel cars are shown in these tables.

From 1 March 2021

You can use the previous rates for up to 1 month from the...

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