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Tax Tips and News

  • Latest news round up

    Newsletter issue - July 2021 Finance Act 2021 The Finance Bill that was published on 11 March 2021 received Royal Assent on 10 June and can be viewed online here. COVID19 From 1 July the level of government support for the furlough scheme will reduce. The government contribution will fall to 70%, subject to a…Read More

  • P11Ds for 2020/21 - COVID19 considerations

    Newsletter issue - July 2021 The P11D filing deadline for 2020/21 is 6 July 2021. Usually, this is a routine exercise in most cases. However, due to COVID19, some additional consideration may be required this time round. HMRC have published guidance regarding certain items that need some thought because of the pandemic. COVID19 testing Any…Read More

  • Property CGT - avoid reporting traps

    Newsletter issue - July 2021 Since April 2020, UK-resident taxpayers have been required to report gains on residential property, and make a payment on account of the tax due, within 30 days of completion. One of the key features of the reporting regime is that this 30-day reporting is only required where tax is due.…Read More

  • VAT registration - delays

    Newsletter issue - July 2021 Due to COVID19, some businesses are experiencing long delays in obtaining a VAT number after submitting the registration form. HMRC acknowledged the delays earlier this year and have asked businesses to be patient whilst the backlog is worked through. However, a business that is new to VAT may be confused…Read More

  • July Questions and Answers

    Newsletter issue - July 2021 Q. I own several restaurants which all sell English-style food. I am planning to sell two of these to separate buyers. The first intends to operate an Asian fusion restaurant, and the second (smaller) premises is going to be turned into a micropub. Both buyers are insisting that the sales…Read More

  • July Key tax dates

    Newsletter issue - July 2021 1 - Due date for payment of Corporation Tax for accounting periods ending 30 September 2020 6 - Filing deadline for Form P11D 6 - Employment Related Shares return filing deadline 7 - Electronic VAT return and payment due for quarter ended 31 May 2021 14 - Claim deadline for…Read More

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