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What’s happening?

Here you can keep up to date with our latest news, as well as the latest goings-on in the world of accounting.

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 ta... Read More

HMRC has announced that more than 10.7 million people submitted their 2019-20 Self-Assessment tax returns by the 31 January deadline. This leaves over 1.8 million taxpayers that have missed the deadline and are yet to file. Are you among those that m... Read More

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. T... Read More

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 inc... Read More

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... Read More

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 es... Read More

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... Read More

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 me... Read More

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 an... Read More

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 Februa... Read More

The High Income Child Benefit Charge (HICBC) could apply to taxpayers 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 receivi... Read More

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... Read More