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Ready for tax payments next month?

January and July are positive cash flow months for the UK Treasury as a number of significant taxes fall due for collection. Next month, July 2021, taxpayers may need to settle the following liabilities: 1 July 2021, companies with corporation tax due for the year end date 30 September 2020, will need to pay corporation…
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Beware bogus contacts from HMRC

None of us are particularly thrilled to receive communications from HMRC, but fraudulent contacts, by email and other means, are becoming commonplace and innocent members of the public are being left out of pocket. According to HMRC, in the 12 months to 30 April 2021, they responded to more than 1,154,300 referrals of suspicious contact…
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VAT Deferral Scheme deadline

The online portal for the new VAT payment scheme closes on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to…
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Outlook for employment

Government continues to be optimistic about the outlook for employment. In a recent press release they said: “Furlough numbers have fallen to their lowest level this year, according to official statistics published 3 June, as the number of people relying on the scheme fell to 3.4 million.” And yet that is still 3.4 million who…
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The 7-year rule

If there is any Inheritance Tax to pay on gifts you make during your lifetime, it is charged at 40% on gifts given in the 3 years before you die. Gifts made 3 to 7 years before your death are taxed on a reducing, sliding scale known as ‘taper relief’. Years between gift and death…
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Tax Diary June/July 2021

1 June 2021 - Due date for Corporation Tax due for the year ended 31 August 2020. 19 June 2021 - PAYE and NIC deductions due for month ended 5 June 2021. (If you pay your tax electronically the due date is 22 June 2021) 19 June 2021 - Filing deadline for the CIS300 monthly…
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Importing goods for the first time?

If you are new to the import process the following check list will provide you with a rough guide to what you need to do: You need an EORI number that starts with GB to import goods into England, Wales or Scotland. You will need a new one if you have an EORI that does…
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Furlough scheme ends September 2021

There are still a significant number of UK employees that are furloughed. Unfortunately, this scheme is scheduled to end 30 September 2021. Businesses that are struggling to re-establish themselves following the downside effects of repeated lockdown, may be faced with difficult decisions as this deadline approaches. The pundits are expecting a significant rise in the…
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Prepare benefit in kind returns to HMRC

Next month, as you will see from the Tax Diary notes for July, employers that provide any form of taxable benefit to clients will need to prepare and file P11D returns to HMRC. The deadline to file is 6 July 2021. You will also need to provide employees affected with a copy of their P11D…
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Package holiday refunds

Package holiday companies have been instructed to respect the refund rights of holidaymakers ahead of the summer period. In a recent press release, this is what the Competition and Markets Authority (CMA) said: The CMA has published a further open letter to the sector and also sent it directly to the 100 package travel firms…
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