How will budget changes affect me?

How will budget changes affect me?

The Chancellor, Rishi Sunak, presented his 2021 Budget on 3rd March 2021. The extent to which the measures will affect you will depend on your personal circumstances. We've divided this report for your convenience into a total of three sections: …
How I can I avoid late penalty charges for self-assessment taxes?

How I can I avoid late penalty charges for self-assessment taxes?

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…
Will the CIS Reverse Charge affect me?

Will the CIS Reverse Charge affect me?

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…
What is Pay As You Grow (PAYG)?

What is Pay As You Grow (PAYG)?

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…
Landlords Tax Planning Check List 2020-21

Tax planning for landlords

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…
Income Tax – avoiding higher rates of tax

Income Tax – avoiding higher rates of tax

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,…
Dealing with VAT arrears

Dealing with VAT arrears

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…
Tax return late filing fine deferred for one month

Tax return late filing fine deferred for one month

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.…
What is the VAT Reverse Charge?

What is the VAT Reverse Charge?

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…
What tax do I need to pay by 31st January 2021?

What tax do I need to pay by 31st January 2021?

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…
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