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

Expenses and benefit returns for 2020/21

Expenses and benefit returns for 2020/21 Expenses and benefit returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late. Form P11D A form ...

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National Insurance Contributions and Company Directors

National Insurance Contributions (NIC) and company directors Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules? Directors, particularly of personal and family compan...

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Amend your PSA for Covid-19 related benefits

Amend your PSA for Covid-19 related benefits A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful to preserve the goodwill nature of a benefit. Not all benefits ar...

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No retained profits – Can you extract cash to cover your living expenses?

What should you do if your business doesn’t have enough profits to pay a dividend? If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills. Th...

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Freezing of allowances and thresholds

Freezing of allowances and thresholds To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remai...

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Reporting expenses and benefits for 2020/21

Reporting expenses and benefits for 2020/21 Employers who provided taxable expenses and benefits to employees during the 2020/21 tax year will need to report these to HMRC, on form P11D...

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Reduced rate of VAT

Reduced rate of VAT To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 202...

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Can you claim the Employment Allowance for 2021/22?

Can you claim the Employment Allowance for 2021/22? The Employment Allowance is a National Insurance allowance that enables eligible employers to reduce their employers’ (secondary) Class 1 National Insurance bill by up to £4,000. However, not all employers can claim th...

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Take advantage of the enhanced carry back of losses

Take advantage of the enhanced carry back of losses Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the l...

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National Insurance contributions for 2021/22

National Insurance contributions for 2021/22 The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes. Employees and Employers Employees pay primary ...

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