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  • VAT 2Wednesday 22nd September 2021

    5% rate on tourism and hospitality ends 30 September

    The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September. The rate then increases to 12.5% from 1 October until 31 March 2022 when it reverts to the standard rate. For those ...

  • PensionTuesday 20th July 2021

    Pension contribution is tax efficient for both employee and employer

    Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and ...

  • ExpensesTuesday 22nd June 2021

    P11d Urgent Deadline - 6 July 2021

    NOT ALL BENEFITS NEED TO BE REPORTED ON FORM P11D Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, ...

  • Making Tax DigitalTuesday 25th May 2021

    Making Tax Digital extended to more businesses

    Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible ...

  • Tax planningMonday 19th April 2021

    Personal tax planning for 2021/22

    Dividends The dividends allowance remains at £2,000 for 2021/22. Factoring in the slight increase to the personal allowance in 2021/22 from £12,500 to £12,570, the maximum tax-free income you can receive through dividends is £14,570. Capital Gains Tax Assets that ...

  • VAT 1Monday 15th March 2021

    Opt-in to VAT deferral new payment scheme by 31 March 2021

    Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month. VAT-registered firms were not required to make VAT payments during this deferral period, and initially had until 31 March 2021 to pay any ...

  • IR35Tuesday 9th February 2021

    Get ready for new off-payroll working rules (IR35)

    This time last year businesses were preparing for important changes to the rules where workers supply their services via their own personal service companies. The start date was then deferred from 6 April 2020 to 6 April 2021. The new rules are scheduled to apply to large and medium-sized ...

  • BuildingWednesday 13th January 2021

    New VAT rules for the construction sector start on 1 March 2021

    New VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of the ...

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