|1 January 2021 – Due date for Corporation Tax due for the year ended 31 March 2020.
19 January 2021 – PAYE and NIC deductions due for month ended 5 January 2021. (If you pay your tax electronically the due date is 22 January 2021)
19 January 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 January 2021.
19 January 2021 – CIS tax deducted for the month ended 5 January 2021 is payable by today.
31 January 2021 – Last day to file 2019-20 self-assessment tax returns online.
31 January 2021 – Balance of self-assessment tax owing for 2019-20 due to be settled on or before today unless you have elected to extend this deadline by formal agreement with HMRC. Also due is any first payment on account for 2020-21.
1 February 2021 – Due date for Corporation Tax payable for the year ended 30 April 2020.
19 February 2021 – PAYE and NIC deductions due for month ended 5 February 2021. (If you pay your tax electronically the due date is 22 February 2021)
19 February 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 February 2021.
19 February 2021 – CIS tax deducted for the month ended 5 February 2021 is payable by today.
Archives for January 2021
|From the beginning of this month the Brexit transition period has ended. Negotiations to secure a trade agreement between the UK and the EU from 1 January 2021, have completed and we have a deal.
Readers who import or export goods from or to the EU will now need to face the following challenges in addition to those posed by COVID-19:
The major upside to this outcome is that we now have certainty. Affected businesses would be wise to revise their business plans to accommodate these extra costs due to possible delays and customs charges.
We can help. Please call if you need help or advice.
|We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you of hard-earned cash resources.
HMRC has recently published a warning to taxpayers about scammers posing as HMRC employees. They said:
Self-Assessment customers should be alert to criminals claiming to be from HMRC. The department knows that fraudsters use calls, emails or texts to contact customers. In the last 12 months, HMRC has responded to more than 846,000 referrals of suspicious HMRC contact from the public and reported over 15,500 malicious web pages to internet service providers to be taken down. Almost 500,000 of the referrals from the public offered bogus tax rebates.
HMRC offer the following tips to spot a tax scam. It could be a scam if it:
Clients in receipt of similar requests, either online or by telephone, should call us so that we can check if the contact is genuine or fraudulent.
Other readers should not respond to any request received by email, text or a direct call. In particular, do not divulge any personal data. Simply access the GOV.UK website and search for HMRC’s published contact numbers. Call HMRC and explain the request you have received and ask if they could check to see if it is genuine.
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2020 can have real benefits. For example:
Needless to say, if you are concerned by the historical results to 31 December 2020 or the outlook for 2021, let’s get together and see how best to meet these challenges. With the external pressures that EU disengagement may pose for your business this is not a time for wishful thinking. Be prepared.
|In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021.
The UK’s tax code is predominantly time limited. Any reliefs and exemptions from UK taxes for 2020-21 will mostly expire at the end of the tax year. Accordingly, there is an imperative to review your tax affairs before this date to ensure that available reliefs are utilised or that penalising tax charges are legitimately avoided.
For example, for 2020-21:
Clearly, we all have different personal and financial circumstances so there is no one-size-fits-all approach that can be taken. There are no guarantees that you could take advantage of current exemptions and reliefs, but please call if you would like to discuss your options.
Following a rapid rise in COVID infections, from 5th January 2021, England has been placed into a new lockdown. Following this the Chancellor has announced £4.6 billion of new lockdown grants to help support businesses forced to close. The lockdown in England is expected to last until March with a review not due to take place until the February half-term. There are also similar lockdowns across Scotland, Wales and Northern Ireland.
The new financial support announced sees the introduction of a new one-off top-up grant for retail, hospitality and leisure businesses worth up to £9,000 per property. The intention is to help businesses keep afloat until the Spring. This means that some 600,000 business premises across all nations of the UK will receive the one-off cash payment.
The amount businesses in England will be able to claim from their Local Authority for one-off top-ups depends on their rateable value:
- Small businesses with a rateable value of or below £15,000 will be able to claim £4,000.
- Medium-sized businesses with a rateable value between £15,000 and £51,000 will be able to claim £6,000.
- Larger businesses with a rateable value over £51,000 will be able to claim £9,000.
The Chancellor also announced that another £594million will be added to a discretionary fund to help support other firms affected. The money will be allocated to Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants outlined above.
The Chancellor, Rishi Sunak said:
“The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further. Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring.
This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
The previously announced grants package for businesses is still available and the above measures are in addition to this.