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Tax Diary March/April 2021

1 March 2021 - Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 -
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VAT Agricultural Flat Rate Scheme

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive
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Government to publish range of tax consultations

In a recent HM Treasury press release it has been confirmed that the government will publish a
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Capital Gains Tax exemptions

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains
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Inheritance Tax – tax-free gifts

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts
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Claiming Self-Employed Income Support Scheme grants

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of
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What is overtrading?

A reminder that traders who buy and sell goods - wholesalers or retailers - need to be wary of the
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Emerging from lockdown

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If
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Tax breaks working from home

Employees who are working from home may be able to claim tax relief for any additional costs due to
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Guidance for paying deferred VAT updated

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT
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Simplified export declarations

Following the end of the Brexit transition period, businesses need to make customs declarations
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Added protection for pension savers

The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of
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Marriage Allowance tax break

If you are entitled to the marriage allowance and have not yet applied, then you could receive a
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Post-Brexit review of workers’ rights cancelled

In an apparent U-turn, the Business Secretary has confirmed during a television interview that a
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Financial outcomes for your business

There are three possible financial outcomes for your business, each with their own
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How much do your customers owe you?

Many business owners are buoyed by turnover; if it’s sold it’s as good as money in the bank, but is
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Bounce Back Loans scheme changes

The Bounce Back Loans scheme was launched in May 2020 to provide financial support to businesses
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Self-Employment Income Support Scheme

Claims for the third Self-Employed Income Support Scheme (SEISS) grant closed on 29 January 2021.
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Accounting for import VAT on your VAT return

Following the end of the transition period, businesses registered for VAT can account for import
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Why keeping adequate accounting records is important

A recent investigation by the Insolvency Service resulted in the sole director of a Leicester
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Protecting your capital

Business owners in vulnerable sectors: predominantly retailers, leisure and entertainment trades,
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Can we supply the coming consumer bounce-back?

Will the Government’s endeavours to nail the COVID virus with the vaccine roll-out have the desired
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Scottish Budget Statement 2021-22

Scotland’s Finance Secretary, Kate Forbes delivered her second Budget statement to the Scottish
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Did you miss the Self-Assessment deadline?

HMRC has announced that more than 10.7 million people submitted their 2019-20 Self-Assessment tax
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Keeping pay and tax records

Following the 31 January 2021 deadline for submission of Self-Assessment tax returns for 2019-20,
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Accounts and tax for companies

If you have recently setup a new limited company or are thinking of doing so then one of the areas
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New funding boost for young people

The government has announced a new £1,000 cash bonus to encourage employers to take on new
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Business owners – year end planning tips

A few housekeeping tips for readers with business interests; especially those with an upcoming
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Landlords – year end planning tips

A few housekeeping tips for readers with buy to let or holiday let properties to think about and
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Tax Diary February/March 2021

1 February 2021 - Due date for Corporation Tax payable for the year ended 30 April 2020. 19
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Flat Rate Scheme annual review

Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive
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Making good fuel provided for private motoring

Where an employee with a company car is provided with fuel for their own private use by their
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Carry a company trading loss back to previous years

Corporation Tax relief may be available where your company or organisation makes a trading loss. A
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Keep your business moving

An interesting press release published jointly by the Department for Business, Energy &
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No late online filing penalties until 28 February 2021

HMRC has announced that fines for taxpayers that file their Self-Assessment returns late will be
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Funding to get young people into work

Employers can now apply for a £1000 cash boost to help them take on new trainees. The new scheme
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Landlords need to embrace a digital approach

HMRC are slowly rolling out their Making Tax Digital (MTD) scheme. Eventually, selected landlords
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Simplified expenses motor vehicles

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a
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Tax returns filing deadline is fast approaching

The approaching deadline for submitting 2019-20 Self-Assessment tax returns online is 23:59 on
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Tax when you sell shares

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares
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Online tax payment plans

New figures published by HMRC have revealed that some 25,000 taxpayers have set up an online
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Government help for people in debt

New government proposals have been published that look at further extending debt solutions to help
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Government tackles late payment to small firms

The Government has announced an overhaul of the Prompt Payment Code (PPC). Under the new reforms,
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Rights to regenerate

We will soon have the rights to turn derelict buildings into homes and community assets. In a
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CJRS guidance on who can be furloughed

HMRC’s guidance on which employees can be placed on furlough using the Coronavirus Job Retention
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Rogue employers named and shamed for failing to pay minimum wage

139 employers, including some of the UK’s biggest household names, have been named and shamed in a
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Apply for the new Global Health Insurance Card

UK residents can now apply for the new UK Global Health Insurance Card (GHIC). Under Britain’s new
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Testing for international arrivals

Passengers arriving from all international destinations will be required to present a negative
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Did you file your tax return on Christmas Day?

A new press release by HMRC has highlighted that 2,700 taxpayers took the time to file their tax
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£4.6 billion lockdown grants announced

Following a rapid rise in COVID infections, from today 5th January 2021, England has been placed
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Time to revisit solvency

If you have managed to retain profits in your business this fat-on-the-bone will help to see you
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Lock-down 3 – business considerations

It’s official. We are in lock-down 3 in England, Scotland following suit and the other regions
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Outcome of EU trade negotiations

Despite many expectations to the contrary, the Prime Minister, Boris Johnson announced on Christmas
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Internal Market Bill becomes law

The UK Internal Market Act 2020 received Royal Assent on 17 December 2020 and came into force on 1
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Child Trust Fund court fees waived

Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund
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Help to Save bonuses

The Help to Save scheme was launched by the government in September 2018 to help those on low
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Happy New Year

There really hasn’t been much to feel merry about during the recent holiday period. Lock-down and
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More Red-Tape

True to predictions, Boris Johnson and his team achieved a trade deal with the EU to operate from 1
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New regulations to exempt payments made to employees for coronavirus antigen tests from NICs

The Social Security Contributions (Disregarded Payments) (Coronavirus) (No. 2) Regulations 2020
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Tax Diary January/February 2021

1 January 2021 - Due date for Corporation Tax due for the year ended 31 March 2020. 19 January
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Furlough extended to end April 2021

During an announcement to Parliament today, 17 December 2020, the Chancellor confirmed the
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Sharing costs

Independence is a cultivated concern. We all want to be self-sufficient. In a business environment
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Too good to be true?

Right now, any reference to a return to 2019 trading conditions seems to echo the title of this
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Consultations to crack down on fraud announced

The government has unveiled three new consultations to help combat fraud by reforming the UK’s
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Tax-free gifts for Christmas

After a very difficult 2020, the traditional Christmas break is almost with us. If you are an
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Are you ready to make customs declarations?

HMRC has written to VAT registered businesses across the country to remind them to be prepared for
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Accounting for import VAT on your VAT return

From 1 January 2021, businesses will be able to account for import VAT on imports into Great
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SMP, SAP, SSP, ShPP, SPBP and SSP to rise from April 2021

According to proposals set out in a government policy paper, the revised rates for statutory
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HMRC crackdown on avoidance schemes

HMRC and the Advertising Standards Authority (ASA) have come together to jointly target misleading
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New Christmas grant for pubs

The Prime Minister, Boris Johnson, has announced an additional one-off £1,000 Christmas grant for
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Could the Trader Support Service help your business?

The new Trader Support Service has been designed to help businesses moving goods under the Northern
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VAT on delivery charges

The process for working out the VAT treatment of delivery charges can be quite complex. We have
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Do you owe CGT on the sale of a residential property?

HMRC has issued a press release to remind taxpayers that have sold a residential property, which
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Double entry demystified

Most business owners will know the difference between a profit statement and a balance sheet. Both
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Beware requests from bogus charities

It has been estimated that almost £350,000 of charitable donations last year ended up in the
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Deadlines for paying deferred VAT

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT
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EU exit – did you read this letter?

The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma has written a
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Confirmation of Minimum Wage increases 2021

The Chancellor used the recent Spending Review to confirm that increased National Minimum Wage and
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Pay January tax by instalments

The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You
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HMRC’s Annual Tax Summary

The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and
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Coping with the new EU reality

It is apparent that our final exit from the EU, 1 January 2021, will disrupt the movement of goods,
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Supply chains, a predictive approach for 2021

One of the more positive aspects - perhaps the only positive aspect - of COVID disruption has been
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Spending Review 2021/22

The Chancellor, Rishi Sunak delivered the government's spending plans for the coming year to
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MTD for Corporation Tax consultation

HMRC has issued a new consultation to examine how the principles established for Making Tax Digital
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Register for Northern Ireland Trader Support Service

The Northern Ireland Trader Support Service was launched on 28 September 2020 to support businesses
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Beware tax deadline scammers

Fraudsters are continuing to target taxpayers with scam emails in advance of the 31 January
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Reasonable excuses for making a late furlough claim

HMRC’s guidance on making claims through the Coronavirus Job Retention Scheme was updated on 19
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Tax Diary December 2020/January 2021

1 December 2020 - Due date for Corporation Tax payable for the year ended 28 February 2020. 19
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Trading with businesses in Northern Ireland?

More than 7,000 businesses have now signed up to the new Trader Support Service (TSS), which will
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Why compound interest is important

Many of us are building a pension fund, a portfolio of shares or deposits with our bank or building
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Immigration Act receives Royal Assent

The Immigration and Social Security Co-ordination (EU Withdrawal) Act 2020 received Royal Assent on
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Those who shout loudest

Many of the business disruption grants that have become available in the last few weeks are being
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Do you need a customs agent?

If your business acquires goods or sells goods to the EU, and you have no import/export trade with
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Business Asset Disposal Relief

Business Asset Disposal Relief used to be known as Entrepreneurs’ Relief before 6 April 2020. The
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Holiday entitlements if furloughed

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme is open to all UK
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Further support for mortgage borrowers

The Financial Conduct Authority (FCA) has announced new proposals to ensure that lenders provide
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Protection for landlords and tenants

The government guidance for landlords and tenants as a result of the coronavirus pandemic has been
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Coding out debts deadline

The coding threshold entitles tax payers to have tax underpayments collected via a tax code,
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Shielding guidance for the clinically extremely vulnerable

Shielding for clinically extremely vulnerable people was paused in England on 31 July 2020.
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