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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

What tax do I need to pay by 31 January 2021?

What tax do I need to pay by 31 January 2021? The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe a...

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Should I reduce my payments on account?

Should I reduce my payments on account? The deadline for filing your 2019/20 tax return is fast approaching, as is the due date for the first payment on account for 2020/21. Now is the time to think about whether you can reduce your payments on account. Need t...

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More time to pay back deferred VAT and tax

More time to pay back deferred VAT and tax At the start of the pandemic, the following options were available: VAT registered businesses could defer VAT payments that fell due in the period from 20 March 2020 to 30 June 2020. Self-assessment taxpayers could delay their ...

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Self Employment Income Support Scheme extension

SEISS extended again The Self Employment Income Support Scheme (SEISS) helps the self-employed whose businesses were affected by Coronavirus. The second payment under the scheme, which was payable from mid-August, was due to be the final payment under the scheme. Howeve...

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Deferring self-assessment Payment on Account – Is it a good idea?

Deferring self-assessment Payment on Account – Is it a good idea? To help those suffering cashflow difficulties as a result of the Covid-19 pandemic, the Government have announced that self-assessment taxpayers can delay making their second payment on account for 2019/20...

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Changing a will after death

Changing a will after death As long as certain conditions are met, it is possible to change a will after death. This is known as a post-death variation, and it can be a useful tax planning tool. A post-death variation can be made to: ...

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Make use of the capital gains tax inter-spouse exemption

Make use of the capital gains tax inter-spouse exemption There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates to the transfer of assets betwee...

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Using company vans for tax-free home to work travel

Using company vans for tax-free home to work travel   As a general rule, travel between home and work is regarded as private travel and if the employer meets the cost of that travel, a benefit-in-kind tax charge will be triggered. However, it is possible for employ...

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Utilising the 2019/20 dividend allowance

Utilising the 2019/20 dividend allowance The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. ...

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Gift cards and the trivial benefits exemption

Gift cards and the trivial benefits exemption The trivial benefits exemption allows employers to ignore benefits in kind that cost £50 or less for tax purposes, as long as the conditions of the exempt...

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