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Tax Diary: JULY/AUGUST 2021

Tax Diary

Date What’s Due 01/07 Corporation tax payment for year to 30/9/20 (unless pay quarterly) 05/07 Last date for agreeing PAYE settlement agreements for 2020/21 employee benefits 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2020/21 06/07 Deadline for forms P11D and P11D(b) for 2020/21 […]

PENSION CONTRIBUTION IS TAX EFFICIENT FOR BOTH EMPLOYEE AND EMPLOYER

Estate Planning, Pensions

Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and paid before the end of the accounting period of […]

PLEASE LET US HAVE DETAILS OF YOUR SEISS GRANTS FOR YOUR 2020/21 TAX RETURN

HMRC, Money Matters

As you are probably aware tax agents were not able to claim SEISS grants on their client’s behalf, and we do not currently have access to the amounts you have claimed. If you are self-employed and have received any SEISS grants in 2020/21 can you please let us have details of the amounts received so […]

FIFTH SELF-EMPLOYED INCOME SUPPORT GRANT TO BE PAID IN JULY

Money Matters

The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If that test is not met, then […]

HMRC WARNING NOT TO USE UNFUNDED PENSION ARRANGEMENTS

HMRC

HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax and National Insurance contributions. HMRC strongly believes these arrangements do not work and will seek to challenge anyone promoting or using these arrangements and make sure the correct tax is paid. Users of these arrangements may […]

TAX FREE CHILDCARE ACCOUNT SUBSIDISES SUMMER CAMP COSTS

Money Matters

If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account up to £2,000 for each child so […]

CORRECTING ERRORS IN EARLIER FURLOUGH CLAIMS

HMRC

The numerous changes in the method of calculating CJRS furlough grants will no doubt have resulted in errors by some employers. Remember that you are required to tell HMRC about overclaimed CJRS grants as part of your next claim. You will be asked when making your claim whether you need to adjust the amount down […]

FURLOUGH GRANT REDUCES TO 70% FOR JULY

Employers, HMRC

For the month of‌‌ July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked. This is despite the fact that “Freedom Day” in England has been delayed four weeks to 19 July 2021, and now called “Terminus Day”. The government support to […]

DIARY OF MAIN TAX EVENTS – JUNE/JULY 2021

Tax Diary

Date What’s Due 1/06 Corporation tax payment for year to 31/8/20 (unless pay quarterly) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/06/21 (due 22/06 if you pay electronically) 30/06 VAT for Returns ended 30/04/21 (due 07/06 if paid electronically, 12/06 if paid by direct debit) 1/07 Corporation tax payment […]

ADVISORY FUEL RATE FOR COMPANY CARS

Employers, HMRC

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p (10p) 8p (7p) 1600cc or less 9p 1401cc to 2000cc 13p (12p) 9p (8p) 1601 […]