
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?
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?
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…

National lockdown and increased government support
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,…

Claim back when working from home
Countless people are working from home due to the Covid-19 pandemic, and now with new tiers being created, it looks like working from home may be here to stay in 2021 and beyond.
Working from home has its benefits, but also some negatives.…

Furlough Scheme extended to April 2021
The Chancellor made several surprise announcements today (17th December 2020). In what must be a response to the continuing resilience of coronavirus, he has extended the furlough scheme and the closing date for government-backed loan applications.
Details…

How Xero can help your business
If you're an owner of a business, you will know that accounting and bookkeeping are essential, particularly for a company that wants to succeed long term. If you are not already utilising accounting software for your business, you're missing…

Your top tax tips for Christmas 2020
It's (nearly) Christmas! That means gifts and spreading seasonal good cheer. As we look to get into the festive spirit, we wanted to share how your generosity this Christmastime can be tax-deductible.
Christmas parties
You are able to spend…

Considering staff redundancies?
Even with the continuing support provided by the government furlough scheme – the current scheme will end 31st March 2021 – many business owners may be faced with making staff redundant. If you need to consider laying-off staff, we have…

Making the most of extended retail hours
You have probably heard that retailers in England can extend opening hours in December and January to help you make the most of the festive shopping season. In the announcement, government sources said:
From Wednesday 2nd December, as England…



