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

Make the most of the dividend allowance until April

Make the most of the dividend allowance The 2020/21 tax year comes to an end on 5 April 2021. The last few months of the year are a good time to undertake a review and to ensure that your dividend allowance for the year is not wasted. Nature of the dividend al...

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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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Terminal loss relief

Terminal loss relief Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special...

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Extracting income from a family company with no retained profits

Extracting income from a family company with no retained profits The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the bu...

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Tax implications of Covid-19 support payments

Tax implications of Covid-19 support payments Various support payments have been made available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payme...

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The Budget 2020

The Budget 2020 Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...

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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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Winding up your personal service company

Winding up your personal service company Come April 2020, many workers who have been providing their services through an intermediary, such as a personal service company, may find that their company is no longer needed. This may be for a number of factors: -...

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Annual investment allowance or writing down allowance?

Annual investment allowance or writing down allowance? The way in which relief for capital expenditure is given depends on the way in which the accounts are prepared. For companies, sole traders and partnerships not eligible to use the cash basis, accounts must be prepar...

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