Monthly Archives: June 2021

Business risk is increasing

COVID disruption has added a further layer to the business risk cake. Do you know how many of your customers are at risk of failure?

It is estimated that between 20% and 30% of small businesses, and a sprinkling of larger concerns, will cease to trade as we start to emerge from COVID lockdown; if indeed,...

Read more

Payroll – late filing penalties 2021-22

HMRC have issued the following comments on their adoption of a risk-based penalty strategy for 2021-22. They said:

Following HMRC’s review of the effectiveness of the risk-based approach to late filing PAYE and late payment penalties, we can confirm this approach will continue for the 2021 to 2022 tax year. This means that late filing and...

Read more

Informed v guesswork

First, let’s define these terms.

  • “informed” - a decision or judgement based on an understanding of the facts of the situation.
  • “guesswork” the process or results of estimating or concluding something without sufficient information to be sure of being correct.

And between these two extremes varying degrees of certainty will apply.

From a business point of view, it makes...

Read more

Ready for tax payments next month?

January and July are positive cash flow months for the UK Treasury as a number of significant taxes fall due for collection.

Next month, July 2021, taxpayers may need to settle the following liabilities:

  • 1 July 2021, companies with corporation tax due for the year end date 30 September 2020, will need to pay corporation tax due...
Read more

Beware bogus contacts from HMRC

None of us are particularly thrilled to receive communications from HMRC, but fraudulent contacts, by email and other means, are becoming commonplace and innocent members of the public are being left out of pocket.

According to HMRC, in the 12 months to 30 April 2021, they responded to more than 1,154,300 referrals of suspicious contact sent...

Read more

VAT Deferral Scheme deadline

The online portal for the new VAT payment scheme closes on 21 June 2021.

Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to do...

Read more

Outlook for employment

Government continues to be optimistic about the outlook for employment. In a recent press release they said:

“Furlough numbers have fallen to their lowest level this year, according to official statistics published 3 June, as the number of people relying on the scheme fell to 3.4 million.”

And yet that is still 3.4 million who are uncertain...

Read more

The 7-year rule

If there is any Inheritance Tax to pay on gifts you make during your lifetime, it is charged at 40% on gifts given in the 3 years before you die.

Gifts made 3 to 7 years before your death are taxed on a reducing, sliding scale known as ‘taper relief’.

Years between gift and... Read more

Tax Diary June/July 2021

1 June 2021 - Due date for Corporation Tax due for the year ended 31 August 2020.

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

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

Read more

Importing goods for the first time?

If you are new to the import process the following check list will provide you with a rough guide to what you need to do:

  • You need an EORI number that starts with GB to import goods into England, Wales or Scotland. You will need a new one if you have an EORI that does not...
Read more