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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Do I need to tell HMRC that my company is dormant?
Tell HMRC that your company is dormant If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to file a company tax return or pay corporation tax. However, while your company still ex...
Tax relief for pre-trading expenses
Tax relief for pre-trading expenses There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Tax legislation recognises that pre-trading expenses are inevitable for many businesses. Pre-trading expenses may incl...
Overlap profits – What are they and when is relief given?
Overlap profits – What are they and when is relief given? Under the current rules for determining which profits of an unincorporated business are taxed in a particular tax year, some profits may fall to be taxed twice in the opening years of a business. These profits are...
Do I need to top up my pension?
Do I need to top up my pension? A full single tier state pension is payable if you have 35 qualifying years. If you have less than 35 qualifying years, but at least 10 qualifying years you would be entitled to a reduced state pension. You can build up your qualifying ye...
Struggling to pay tax – What should you do?
Struggling to pay tax – What should you do? The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, i...
Payments on account – Who needs to pay?
Payments on account – Who needs to pay and how are they calculated? The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022, if a late filing penalty is to be avoided. The exception to this is where a notice to file a return for 202...
Reporting Covid-19 Support Payments on your tax return
Reporting Covid-19 Support Payments on your tax return If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received f...
Electric charging points – Is there a tax liability?
Electric charging points – Is there a tax liability? As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government fund to install electric charge ...
Increasing the Normal Minimum Pension Age
Increasing the normal minimum pension age The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorised pension charge (unless they take their pension earlier due to ill-health). Registered pension...
Register for Child Benefit even if the HICBC applies
Register for Child Benefit even if the HICBC applies If you are responsible for bringing up a child who is under the age of 16, or under the age of 20 where they remain in approved education or training (such as A levels but not education at an advanced level, such as univ...
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