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Recent Posts by Dev12

Tax Diary February/March 2021

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…
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Did you defer VAT payments last year?

If you took advantage of the offer to defer VAT payments falling due between 20 March 2020 and 30 June 2020 – to help out with the impact of COVID disruption – your now have three choices. You can: pay the deferred VAT in full on or before 31 March 2021 opt in to the…
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Repay private petrol and save tax

At first sight, company cars drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. When the current tax year ends, 5 April 2021, the illustration below demonstrates how a cash payment to an…
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Online payment plans

Almost 25,000 Self-Assessment customers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1 million, HMRC revealed recently. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for Self-Assessment taxpayers. Once they have completed their 2019-20 tax return…
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Reminder of CIS VAT changes

Contractors and subcontractors registered for VAT and the Construction Industry Scheme will need to use the VAT reverse charge process for building and construction services from 1 March 2021. VAT registered subcontractors affected by this change will no longer add VAT to their invoices to contractors. Instead, the contractors’ accounting system will need to add…
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Can’t pay your tax?

A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities. If you can’t pay before the deadline, call the Business Payment Support Service. Anyone can use this service, not…
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Creating a high-performance organisation

High performance organisations stimulate more effective employee involvement and commitment in order to achieve increased profits, improved productivity and higher levels of customer loyalty. We are living in uncertain times. The highest performing businesses will, by their very nature, ride out the storm more effectively than their competitors. So how do you create a high…
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Too Much Indecision Surrounds Brexit

How do we prepare for Brexit when so much is undecided? It is hardly surprising that Brexit is fast becoming as big a turnoff as tax. How on earth are we supposed to react or adapt to such far-reaching changes when the exact details of our exit are still undecided just a few weeks before…
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A trio of tax nasties

Here’s three cheers for the new year - and a trio of tax nasties to beware of 2019 presents some key opportunities for GPs arising from the last Budget. Faye Armstrong* outlines three to be aware of and warns of three more potential pitfalls to watch out for What’s good? Lifetime allowance increase The lifetime…
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Proposals for consumer protections when companies collapse

The government is to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent. • Government to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent • proposed measures will include guaranteeing consumer schemes like Christmas savings clubs can safeguard customers’ money…
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