Tax Diary January/February 2021
1 January 2021 – Due date for Corporation Tax due for the year ended 31 March 2020.
19 January 2021 – PAYE and NIC deductions due for month ended 5 January 2021. (If you pay your tax electronically the due date is 22 January 2021)
19 January 2021 – Filing deadline for the CIS300 monthly return for
Too good to be true?
Right now, any reference to a return to 2019 trading conditions seems to echo the title of this short article, too good to be true.
Common sense tells us that we are unlikely to emerge largely, COVID-free until the end of 2021 and additionally, many traders and consumers are apprehensive of the
Sharing costs
Independence is a cultivated concern. We all want to be self-sufficient.
In a business environment this might manifest as having a separate Wi-Fi source even though it may be possible to share Wi-Fi with a number of business neighbours and divide the cost between you?
There will always be what-ifs
Furlough extended to end April 2021
During an announcement to Parliament today, 17 December 2020, the Chancellor confirmed the following:
An extension of the furlough scheme until the end of April 2021,
The date for Budget 2021 has been fixed as 3 March 2021, and
Businesses will have until the end of March 2021 to apply for
Accounting for import VAT on your VAT return
From 1 January 2021, businesses will be able to account for import VAT on imports into Great Britain (England, Scotland and Wales) from EU and non-EU countries. Businesses in Northern Ireland will be able to use the postponed VAT accounting for goods imported from outside the UK and EU. The normal
Are you ready to make customs declarations?
HMRC has written to VAT registered businesses across the country to remind them to be prepared for new trading rules with the EU from 1 January 2021 after the Brexit transition period comes to an end. Time is running short and without having all of the correct procedures and agreements in place it
Tax-free gifts for Christmas
After a very difficult 2020, the traditional Christmas break is almost with us. If you are an employer and looking to give your employees a small token of appreciation for Christmas, then your best option is probably to give them a gift. In order to ensure that this is not a taxable gift, it is
Consultations to crack down on fraud announced
The government has unveiled three new consultations to help combat fraud by reforming the UK’s register of company information. This follows an announcement earlier this year that Companies House will be reformed to clamp-down on fraud and money laundering, with directors unable to be appointed
Export finance for smaller businesses
UK Export Finance (UKEF) is the export credit agency and a ministerial department of the UK government. The UKEF helps UK companies by providing insurance to exporters and guarantees to banks to share the risks of providing export finance. In addition, it can make loans to overseas buyers of goods
What is Tangible Moveable Property?
A chattel is a legal term that defines an article which is a tangible moveable property. A tangible object is one that you can touch. The asset has to be a physical asset such as household furniture, paintings, antiques, items of crockery and china, plate and silverware, motor cars, lorries,