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Taxing your car

The instructions to tax your car on the GOV.UK website is reproduced below: To tax your car,
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Holiday update

As lockdown is being eased and opportunity to holiday opens, we felt it might be useful to set out
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COVID support grants that are taxable

We would like to remind readers that existing legislation is in place to ensure that COVID support
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Mobile phone exempt costs

When an employee incurs costs for the provision of mobile phones to employees it is important to
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Reminder to look out for tax credit renewal packs

HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants
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Tax-free capital gains

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains
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Tax on savings interest

If you have taxable income of less than £17,570 in 2021-22 you will have no tax to pay on interest
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New self-build initiative

In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for
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End to COVID-19 adjusted right to work checks

The government has confirmed, in its updated guidance on carrying out right to work checks during
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Tax Diary May/June 2021

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 - PAYE
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A reminder that not all costs are costs…

Costs are defined as something that has to be paid or spent to acquire something. Costs include the
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Vaccine for your business

There is a poignant similarity between the effects of COVID on us personally and our
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Lockdown changes 12 April 2021

Even the unseasonably cold weather does not seem to have stopped people in England getting their
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Repaying overclaimed SEISS grants

Self-employed individuals (including partnerships) who have overclaimed the Self Employed Income
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Property repossessions from 1 April 2021

There have been a significant number of measures introduced to help those experiencing financial
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One-off £500 payment for working households receiving tax-credits

As part of the March 2021 Budget, the Chancellor announced that the temporary £20 weekly uplift in
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HMRC’s new penalty regime

HMRC’s new points-based penalty regime for late submission and payment will start from 1 April
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Claims to reduce payments on account

Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three
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Exempt beneficial loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free
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Companies can claim super-deduction from 1 April

The new super-deduction tax break, that will allow companies to deduct 130% of the cost of any
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National Minimum and Living Wage increases 1 April 2021

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1
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Archiving international trade documents

There are important rules that all businesses must follow to keep business and accounting records
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Film and TV restart scheme

The government’s £500 million scheme to kickstart film and television production entitled the Film
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OTS recommended changes to IHT

The Financial Secretary to the Treasury has written to the Office of Tax Simplification (OTS) to
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£1.5bn boost for rates relief

A new Business Rates relief fund will provide a £1.5 billion tranche of support to businesses
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New support for High Streets and sea-side towns

As lockdown measures begin to be eased, a new package of support measures to help high streets and
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5% late penalties apply from 1 April 2021

Self-Assessment taxpayers that failed to pay their outstanding tax liabilities or set up a payment
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Tax Diary March/April 2021

1 April 2021 - Due date for Corporation Tax due for the year ended 30 June 2020. 19 April 2021 -
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Incorporation relief

When a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed
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Calculating Minimum Wage if paid annual salary

New National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021.
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Consider signing up to PROOF scheme

One of the services offered by Companies House helps combat fraud and protect your company from
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Have you claimed too much from furlough scheme?

HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job
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Disposing of garden or grounds

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family
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What would a business vaccine aim to prevent?

Now we are getting used to the idea that the various vaccines will provide some defence against
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Tax-free mileage expenses

If you use your own vehicle for business journeys, then you may be able to claim a tax-free
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Tax-free property and trading income

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017.
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Rent-a-room relief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in
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Off-payroll working rules from 6 April 2021

The rules for individuals providing services to the public sector via an intermediary such as a
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VAT deferral scheme open for business

Businesses that took the option to defer the payment of their VAT liabilities between 20 March 2020
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Reminder of year end payroll chores

It is not long until the current 2020-21 tax year comes to an end and there are a number of year
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Temporary carry back of losses

A new temporary extension to the eligible carry back period for trading losses has been announced.
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New mortgage guarantee scheme

One of the measures announced as part of the March 2021 Budget was the introduction of a new
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Breaking even – a moveable feast

In our previous newsfeeds we have described how you can calculate the level of turnover you need to
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Lending to fund losses

One of the Chancellors key announcements in the Budget last week was to replace the government
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Spring Budget 2021 – Capital allowances

Designed to help offset the increased Corporation Tax main rate and promote investment, the
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Spring Budget 2021 – Government backed loan schemes

The deadline for applications for all the government-backed loan schemes including the Bounce Back
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Spring Budget 2021 – CJRS and SEISS schemes extended

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended
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Spring Budget 2021 – Corporation Tax

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021
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Spring Budget 2021 – Income Tax Rates & Allowances

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will
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Capital or debt?

What is the difference between capital and debt, and why is the distinction important? One
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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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