The online portal for the new VAT payment scheme closes on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to […]

Government continues to be optimistic about the outlook for employment. In a recent press release they said: “Furlough numbers have fallen to their lowest level this year, according to official statistics published 3 June, as the number of people relying on the scheme fell to 3.4 million.” And yet that is still 3.4 million who […]

If there is any Inheritance Tax to pay on gifts you make during your lifetime, it is charged at 40% on gifts given in the 3 years before you die. Gifts made 3 to 7 years before your death are taxed on a reducing, sliding scale known as ‘taper relief’. Years between gift and death […]

1 June 2021 – Due date for Corporation Tax due for the year ended 31 August 2020. 19 June 2021 – PAYE and NIC deductions due for month ended 5 June 2021. (If you pay your tax electronically the due date is 22 June 2021) 19 June 2021 – Filing deadline for the CIS300 monthly […]

If you are new to the import process the following check list will provide you with a rough guide to what you need to do: You need an EORI number that starts with GB to import goods into England, Wales or Scotland. You will need a new one if you have an EORI that does […]

There are still a significant number of UK employees that are furloughed. Unfortunately, this scheme is scheduled to end 30 September 2021. Businesses that are struggling to re-establish themselves following the downside effects of repeated lockdown, may be faced with difficult decisions as this deadline approaches. The pundits are expecting a significant rise in the […]

Next month, as you will see from the Tax Diary notes for July, employers that provide any form of taxable benefit to clients will need to prepare and file P11D returns to HMRC. The deadline to file is 6 July 2021. You will also need to provide employees affected with a copy of their P11D […]

Package holiday companies have been instructed to respect the refund rights of holidaymakers ahead of the summer period. In a recent press release, this is what the Competition and Markets Authority (CMA) said: The CMA has published a further open letter to the sector and also sent it directly to the 100 package travel firms […]

The government and the Association of British Insurers (ABI) have announced that the temporary Trade Credit Reinsurance (TCR) scheme will close on 30 June as planned. TCR was designed as a temporary solution for companies struggling to get insurance cover for transactions because of the pandemic. It is now ending in the context of a […]

One of the more innovative aspects of the recent March budget was the introduction of the rather grandly named super-deduction. Limited companies that invest in qualifying assets in the two-year period 1 April 2021 to 31 March 2023, will be eligible for a 130% tax write-off. What this means is that if you buy say […]