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Tax Events- November/December 2020

Tax Diary

Date What’s Due 01/11/20 Corporation tax for year to 31/01/20 (unless quarterly instalments apply) 19/11/20 PAYE & NIC deductions, and CIS return and tax, for month to 05/11/20 (due 22/11 if you pay electronically) 30/11/20 VAT for Returns ended 30/09/20 (due 07/11 if paid electronically, 12/11 if paid by direct debit) 01/12/20 Corporation tax payment […]

CGT BUSINESS ASSET DISPOSAL RELIEF LIFETIME LIMIT JUST £1 MILLION

Money Matters

In the March 2021 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and […]

MORE TIME TO PAY TAX DUE ON 31 JANUARY 2021

HMRC, Tax

Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. The government have already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021, but […]

SELF EMPLOYED INCOME SUPPORT SCHEME (SEISS) ALSO IMPROVED

Money Matters

In his Winter Economy Plan the chancellor announced that SEISS grants would continue to be available, but at only 20% of average profits for the period to 5 April 2019. On 22 October he increased the amount of the third three-month grant to 40% of average profits, capped at £3,750.

AIRBNB REPORTING PROPERTY RENTAL DETAILS TO HMRC

HMRC

You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not […]

JOB SUPPORT SCHEME (JSS) AMENDED AGAIN

Employers, Money Matters

Before we had even seen full details of the JSS that starts on 1 November the chancellor announced an extension to the scheme on 9 October and further changes on 22 October! The JSS scheme originally announced in September has been made more generous to support businesses legally forced to close their premises as a […]

Tax Diary SEPTEMBER/OCTOBER 2020

Tax Diary

Date What’s Due 01/09/20 Corporation tax for year to 30/11/19 (unless quarterly instalments apply) 19/09/20 PAYE & NIC deductions, and CIS return and tax, for month to 05/09/20 (due 22/09 if you pay electronically) 30/09/20 VAT for Returns ended 31/07/20 (due 07/09 if paid electronically, 12/09 if paid by direct debit) 01/10/20 Corporation tax payment […]

VAT DEFINITION OF “MOTOR CAR”

VAT

For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states:   “Motor car” means any motor vehicle of a kind normally used on public roads which has three or more wheels and either: a)    is constructed or adapted solely or mainly for the carriage of […]

COMPANY VANS WERE MOTOR CARS

HMRC

The Court of Appeal have now ruled on the tax status of certain vehicles provided to employees of Coca Cola. The court has upheld the HMRC view that vans with windows and a second row of seats behind the driver are not goods vehicles but motor cars for benefit in kind purposes. Consequently, the income […]

CERTAIN PROPERTY BUSINESS OWNERS ARE LIABLE TO CLASS 2 NICs

HMRC

Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax on the profits arising from the receipt of property rental income will only be a self-employed earner for NICs purposes if the level of activities carried out amounts […]