Category Archives: Uncategorised

Consider online tax payment plans

January is the month that taxpayers registered for self-assessment need to pay their taxes. Usually, this amounts to any underpayment for the previous tax year and a first payment on account for the current tax year.

Unfortunately, HMRC will base their payment on account for 2020-21 on the self-assessment liability for the previous tax year, 2019-20....

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Why go digital?

There is a major advantage to recording business transactions digitally; once the basic data has been entered it can be interrogated and represented in endless types of reports.

During the present COVID disruption this ability to drill down or summarise data should be used to support business owners in making appropriate decisions. Accounting software, used effectively,...

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Business Lock-down summary January 2021

We have prepared the following lists from information published on the GOV.UK website. It sets out which businesses are required to close, and which can remain open during the current COVID lock-down.

Those required to close face compounded financial difficulties as their ability to create revenue is at best restricted and in many cases stopped completely.

We...

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Is your 2019-20 tax return filed?

Readers who have not yet filed their 2019-20 self-assessment tax return for 2019-20 have less than one month to do so. The online filing deadline is 31 January 2021.

Could clients reading this article, who have not supplied all the information we have requested to complete their outstanding 2019-20 returns, please contact us with any missing...

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Best wishes for 2021

The turning of the old year into the potential for the new year has usually generated the Happy New Year salutation. And indeed, we do wish our readers all the very best for 2021.

But what challenges we face. Will schools reopen, are we facing a further national lock-down, will our already extended business owners be...

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Scammers posing as HMRC

We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you of hard-earned cash resources.

HMRC has recently published a warning to taxpayers about scammers posing as HMRC employees. They said:

Self-Assessment customers should be alert to criminals claiming to be from HMRC.

The...

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The end is nigh

In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021.

The UK’s tax code is predominantly time limited. Any reliefs and exemptions from UK taxes for 2020-21 will mostly expire at the end of the tax year. Accordingly, there is an imperative to review your tax affairs before...

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Strategies for the self-employed

The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2020 can have real benefits. For example:

  • If you are self-employed and for the nine...
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Tax Diary January/February 2021

1 January 2021 - Due date for Corporation Tax due for the year ended 31 March 2020.

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

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

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