Actions to consider before 6 April 2022 The end of the 2021-22 tax year is 5 April 2022. Many of the tax planning opportunities available for 2021-22 will cease to be available once this deadline passes. The 31 March is also a popular trading year end for many businesses. Personal tax planning options 2021-22 If […]
Application must be made before 30 Sept 2021 The final Self-Employed Income Support Scheme (SEISS) grant covers the period from 1 May 2021 to 30 September 2021 (five months). Online applications must be made before 30 September 2021 and the process is far from simple. This is an alert to self-employed traders that have […]
A summary of the changes announced to increase funding for the NHS and social care budgets from April 2022 The National Insurance (NIC) and dividend tax increases announced on Tuesday 7th September will apply from April 2022. This Levy will also affect retired persons still working from April 2023. NIC changes From April 2022, […]
HMRC are requesting evidence to back-up furlough claims from certain employers We are aware that HMRC have written to certain employers in recent weeks requesting detailed information to back up their furlough claims. Clearly, they are concerned that grants have been paid in error due to mistakes in the claims made. It is unlikely […]
We have become aware of an aggressive HMRC letter scam, whereby the scammers are demanding payment of a past tax liability or penalty, and asking people to call 0300 200 3819 to help discuss payment. Although it looks like an official and authentic HMRC letter, it is definitely a scam for the following reasons: The […]
A reminder that your second instalment of self-assessment taxes was due on 31 July 2021 If you have already made payment to HMRC of your second instalment of self-assessment tax due by 31 July 2021, or if you did not need to make payments on account for 2020/21, there is no need to read this […]
The claims process for the final Self-Employed Income Support Scheme grant will open next month The 5th and final grant under the SEISS will be opened to claims from late July 2021. This grant will cover the five-month period 1 May 2021 to 30 September 2021. To be eligible for the grant you must be […]
A new tax investment incentive for companies Perhaps the most innovative give-away in the recent budget was “Super-deductions for investment expenditure”. What does this mean? Companies that invest in qualifying plant and machinery in the period from 1 April 2021 to 31 March 2023 will benefit from enhanced capital allowances. Investments in assets that qualify […]
The Government have now declared their intention to have all businesses in the UK free of lockdown restrictions from 21st June 2021. However, this is conditional on a continuing reduction in COVID infection rates. If the vaccine programme and other measures fail to control infection, a return to lockdown – at whatever level – would […]
Options to avoid late payment penalties Still owe tax and NIC due to be paid 31 January 2021? Many self-assessment taxpayers will have tax and NIC unpaid for 2019-20 and possibly payments on account for 2020-21. The payments were all due to be settled by 31 January 2021. The rest of this alert sets out […]
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