This author has yet to write their bio.Meanwhile lets just say that we are proud Lizzie Robinson contributed a whooping 267 entries.
Still owe NIC and tax due to be paid 31st January 2021? Many self-assessment taxpayers will have tax and NIC unpaid for 2019-20 and possibly payments on account for 2020-21. The payments were all due to be settled by 31st January 2021. The rest of this blog sets out how you can avoid future late […]
A reminder that from 1st March 2021, the long-awaited VAT changes for CIS registered contractors, who register for VAT, will apply. What will happen on 1st March 2021? At the moment, when you receive an invoice from a subcontractor for construction services and the subcontractor is registered for VAT, you will pay the VAT inclusive […]
The Treasury has advised banks operating the Bounce Back Loan scheme to offer an even more flexible approach for when repayments are due to be paid. Pay As You Grow (PAYG) The new conditions, known as the Pay As You Grow approach, are offering the following: An extension to the loan length, entending it from […]
This year landlords have seen significant reductions in rental income. Those who have substantial loan commitments have been faced with selling a property to reduce their exposure. Below, you’ll find a list highlighting some potential tax planning opportunities that you could take advantage of before the end of the current tax year, which ends 5th […]
You will undoubtedly be aware that the three income tax rates are 20%, 40%, and 45%. What you may not know is that your personal tax circumstances can boost these rates. For example, suppose your taxable income exceeds £100,000. In that case, you could lose your personal tax allowance, and for 2020-21, this will increase […]
As part of the on-going government response and financial support to businesses affected by COVID-19 last year, VAT-registered firms were allowed to defer VAT payment due between 20th March 2020 and 30th June. When do you need to pay your deferred VAT? At first, the government requested that any deferred VAT payment be made on […]
HMRC’s’ Chief Executive Jim Harra has announced that self-assessment customers will not receive a penalty for their late online tax return if filed by 28th February 2021. Nearly nine million customers have filed their tax return already. Despite the announcement, HMRC is still encouraging anyone who has not yet filed their tax return to still […]
New VAT rules for sub-contractors and building contractors will soon take effect. From 1st March 2021, the VAT reverse charge will change how you have typically been accounting for VAT. How you layout information on your invoices to clients and prepare your VAT returns may change. The VAT reverse charge – what is it? It […]
The self-assessment tax return deadline for 2019/20 is fast approaching. It must be filed by midnight on 31st January 2021. Missing this deadline will result in a late filing penalty of £100, regardless of whether you owe any tax (unless you think you have a reasonable excuse for filing your tax return beyond the deadline. […]
The Prime Minister yesterday announced a new national lockdown for England, 4th January 2021, that is likely to apply until half-term February 2021. Similar restrictions are likely to apply in the other regions of the UK. Today, the Chancellor, Rishi Sunak, stepped in and disclosed a raft of new financial support measures for businesses affected […]
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