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HMRC’s new penalty regime

15/04/2021

HMRC’s new points-based penalty regime for late submission and payment will start from 1 April 2022. The changes will apply in the first instance to the submission of VAT returns for VAT return periods beginning on or after 1 April 2022. The penalty regime will then be extended to Making Tax Digital (MTD) Income Tax Self-Assessment...

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One-off £500 payment for working households receiving tax-credits

15/04/2021

As part of the March 2021 Budget, the Chancellor announced that the temporary £20 weekly uplift in Universal Credits would continue for a further six months, until the end of September 2021. It was also confirmed that Working Tax Credit claimants would receive equivalent support. It appears that it was operationally difficult for this...

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Property repossessions from 1 April 2021

15/04/2021

There have been a significant number of measures introduced to help those experiencing financial difficulties because of coronavirus. Throughout the course of the pandemic, the Financial Conduct Authority (FCA) has sought to ensure that lenders provide tailored support to mortgage borrowers who continue to face payment difficulties due to...

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Repaying overclaimed SEISS grants

15/04/2021

Self-employed individuals (including partnerships) who have overclaimed the Self Employed Income Support Scheme (SEISS) must pay back the overpayment to HMRC. The rules for repaying HMRC state that you must tell HMRC if you were not eligible to have claimed the grant. For example: for the first or second grant, your business was not...

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Lockdown changes 12 April 2021

15/04/2021

Even the unseasonably cold weather does not seem to have stopped people in England getting their first taste of normality for many months as many restrictions were lifted on 12th April 2021. The full list of changes that came into effect in England from 12 April 2021 are listed on GOV.UK as follows: non-essential retail can...

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Website development costs

15/04/2021

One of the main areas to consider in deciding how to treat a deductible expense is whether the cost is revenue or capital in nature. There is no single, simple test that can be applied to decide which items are capital expenditure and which are revenue. This can only be determined by reference to the relevant facts that applied at the...

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Archiving international trade documents

08/04/2021

There are important rules that all businesses must follow to keep business and accounting records accessible if requested by HMRC. The exact documentation that must be held and the time limits for doing so can vary significantly. For example, most company records must be held for at least 6 years from the end of the last company financial...

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National Minimum and Living Wage increases 1 April 2021

08/04/2021

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2021. The new rate for the NLW is £8.91 which is a 19p increase over last year. The NLW is the minimum hourly rate that must be paid to those aged 23 or over. The NLW used to apply only to those aged 25 and over but from 1 April 2021 has...

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Companies can claim super-deduction from 1 April

08/04/2021

The new super-deduction tax break, that will allow companies to deduct 130% of the cost of any qualifying investment from their taxable profits, is available on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowances. This means that for every £1 a company invests they can reduce their...

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Exempt beneficial loans

08/04/2021

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan obtained elsewhere. These types of loans are referred to as beneficial loans. There are a...

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Claims to reduce payments on account

08/04/2021

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 and 31 July following the tax year. These payments on account are based on 50% each of the previous year’s net Income Tax liability. In addition, the third (or...

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Annual party benefits

08/04/2021

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below then there is no requirement to report anything to HMRC or pay tax and National Insurance. There will also be no taxable benefit charged to employees. An annual function offered...

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5% late penalties apply from 1 April 2021

01/04/2021

Self-Assessment taxpayers that failed to pay their outstanding tax liabilities or set up a payment plan by midnight on 1 April 2021 will be charged a 5% late payment penalty charge. Under the normal rules a 5% late payment penalty would have been charged if tax remained outstanding or a payment plan has not been set up before 3 March...

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New support for High Streets and sea-side towns

01/04/2021

As lockdown measures begin to be eased, a new package of support measures to help high streets and coastal areas across England has been announced by the Communities Secretary Robert Jenrick. The support will be delivered via a new £56 million Welcome Back Fund. The new funding will help councils boost tourism, improve green spaces and...

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£1.5bn boost for rates relief

01/04/2021

A new Business Rates relief fund will provide a £1.5 billion tranche of support to businesses outside the retail, hospitality, and leisure sectors affected by COVID-19. Retail, hospitality and leisure businesses have not been paying rates during the pandemic as part of a 15 month-long relief which runs to the end of June this year. Many...

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OTS recommended changes to IHT

01/04/2021

The Financial Secretary to the Treasury has written to the Office of Tax Simplification (OTS) to confirm that HM Treasury strongly supports some key recommendations on changes to Inheritance Tax. The government announced on 23 March 2021 that it will: change reporting regulations so that from 1 January 2022 over 90 per cent of...

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Film and TV restart scheme

01/04/2021

The government’s £500 million scheme to kickstart film and television production entitled the Film and TV Production Restart Scheme, helps UK film and TV productions struggling to secure insurance for COVID-19 related costs. The Scheme allows TV and film productions that have been halted or delayed by a lack of insurance to get started...

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Updating Self-Assessment tax returns

01/04/2021

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. This can happen if for example you made a mistake like entering a number incorrectly or missing information from the return. If you filed your return online, you could amend your return online as...

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