Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on:
31 January during the tax year e.g., for 2020-21 the first payment on account was due on 31
The P9X form is used to notify employers which tax codes to use for employees. The latest version of the form has just been published and shows the tax codes to use from 6 April 2021. The forms states that the basic personal allowance for the tax
A few housekeeping tips for readers with buy to let or holiday let properties to think about and action – if applicable – before the end of the current financial year, 5 April 2021.
Buy-to-let
Have you experienced a drop in rental income since
A few housekeeping tips for readers with business interests; especially those with an upcoming financial year end at the end of March 2021.
Don’t forget to include any grants received to support COVID challenges in your accounts as income. These
HMRC has announced that fines for taxpayers that file their Self-Assessment returns late will be waived until 28 February 2021. The filing deadline for 2019-20 returns remains at 31 January 2021. HMRC is still encouraging taxpayers to try and meet
An interesting press release published jointly by the Department for Business, Energy & Industrial Strategy and Business Minister, Paul Scully has highlighted some important actions that businesses should ensure they undertake now that the UK has
Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may be used to claim relief from Corporation Tax by offsetting the loss against profits in previous years.
This could be an
Where an employee with a company car is provided with fuel for their own private use by their employer, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and in
The Employment Allowance allows eligible employers to reduce their National Insurance liability. The allowance increased to £4,000 (was £3,000) from 6 April 2020. An employer can claim less than the maximum if this will cover their total Class 1 NIC
The High Income Child Benefit Charge (HICBC) could apply to your clients if their income exceeds £50,000 for the first time this year and they are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child
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
HMRC are slowly rolling out their Making Tax Digital (MTD) scheme. Eventually, selected landlords submitting their rental income and outgoings via self-assessment will need to embrace this new MTD requirement.
What will it involve?
Self-employed
Employers can now apply for a £1000 cash boost to help them take on new trainees.
The new scheme will support young people to gain the skills and experience they need from the very start, helping them to get a job, an apprenticeship, or pursue
New government proposals have been published that look at further extending debt solutions to help more people suffering from problem debts. The proposals specifically look at increasing the financial eligibility criteria for debt relief orders
Whether you're starting from scratch or have been in business for years you'll benefit from working with D.R.E. & Co. advice on how to take you to the next level.
We work closely with our clients and act for a broad range of business....
Simple way to contact us. Just fill in a simple form.
Find out details about what we can do
for you.