VAT deferral new payment scheme – join from 23‌‌ February

If you deferred paying VAT due in the period from 20‌‌ March to 30‌‌ June‌‌ 2020, you should pay it by 31‌‌ ‌March‌‌ ‌2021 if you can. If you can’t afford to pay by 31‌‌ March‌‌ 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period. The online service will open Read more about VAT deferral new payment scheme – join from 23‌‌ February[…]

Flexible repayment options announced for Bounce Back Loan borrowers

If you have a Bounce Back Loan, the Chancellor has announced repayment flexibilities, with the ability to tailor payments according to your individual circumstances. Lenders should begin reaching out to borrowers to provide information on repayment schedules and how to access flexible repayment options. Small and medium-sized businesses can still apply to borrow between £2,000 and Read more about Flexible repayment options announced for Bounce Back Loan borrowers[…]

Key upcoming dates Making Tax Digital for VAT

From January 1st 2021 When the UK left the EU, new rules came into effect that change how goods sold to and received will be treated. Although many overseas sellers joined Making Tax Digital for VAT in October 2019, the change to import VAT rules may affect further businesses selling to UK customers. March 31st Read more about Key upcoming dates Making Tax Digital for VAT[…]

As a director, what should I pay myself in 2021/22?

Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following: The director wants to preserves their entitlement to state benefits, and The director wants a salary which saves the most tax and national insurance. First of all let us look at preserving your entitlement Read more about As a director, what should I pay myself in 2021/22?[…]

Self assessment – late filing penalty suspended

Today HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February. We would still encouraging you to file by 31‌‌ ‌January, if possible. You still need to pay their Self Assessment tax bill by 31‌‌ ‌January. Interest will be Read more about Self assessment – late filing penalty suspended[…]

Deadline for submitting your 2019/20 self assessment return

Deadline for submitting your 2019/20 self assessment return is 31 January 2021, along with the balance of your 2019/20 liability together with the first payment on account for 2020/21.   This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their Read more about Deadline for submitting your 2019/20 self assessment return[…]

National Minimum Wage and Live In Wage rates from April 2021

The National Live in wage and the National Minimum Wages is set to rise in April 2021. Rates per hour depend on your age and whether you’re an apprentice – you must be at least school leaving age to get it. New rates, which come into effect from April 2020: Year 25 and over 21 Read more about National Minimum Wage and Live In Wage rates from April 2021[…]

Frequently asked questions about Coronavirus Job Retention Scheme

You can find everything you need to know about the CJRS on GOV‌‌‌‌‌.UK by searching ‘Job Retention Scheme’, but here are some answers to the most frequently asked questions. What if I’ve claimed too much in error? If you have claimed too much CJRS grant and have not already repaid it, you must notify us Read more about Frequently asked questions about Coronavirus Job Retention Scheme[…]

New filing deadlines for Coronavirus Job Retention Scheme

To help you plan ahead to meet the monthly deadlines, here’s a list of the key dates you need to know, in order to file your Coronavirus Job Retention Scheme claim on time: 14‌‌ January‌‌ 2021 – final date to submit claims for December‌‌ 2020 by 11‌‌:59pm 15‌‌ February‌‌ 2021 – final date to submit claims for January‌‌ 2021 by 11‌‌:59pm 15‌‌ March‌‌ 2021 – final date to Read more about New filing deadlines for Coronavirus Job Retention Scheme[…]