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Website development costs

One of the main areas to consider in deciding how to treat a deductible expense is whether the cost is ...
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/ HMRC notices

Lockdown changes 12 April 2021

Even the unseasonably cold weather does not seem to have stopped people in England getting their first taste of normality ...
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/ General

Repaying overclaimed SEISS grants

Self-employed individuals (including partnerships) who have overclaimed the Self Employed Income Support Scheme (SEISS) must pay back the overpayment to ...
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/ Business Support

Property repossessions from 1 April 2021

There have been a significant number of measures introduced to help those experiencing financial difficulties because of coronavirus. Throughout the ...
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/ General

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

As part of the March 2021 Budget, the Chancellor announced that the temporary £20 weekly uplift in Universal Credits would ...
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/ Tax credits

HMRC’s new penalty regime

HMRC’s new points-based penalty regime for late submission and payment will start from 1 April 2022. The changes will apply ...
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/ HMRC notices

Annual party benefits

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If ...
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/ Employee Benefits

Claims to reduce payments on account

Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments ...
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/ Income Tax

Exempt beneficial loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference ...
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/ Employee Benefits

Companies can claim super-deduction from 1 April

The new super-deduction tax break, that will allow companies to deduct 130% of the cost of any qualifying investment from ...
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/ Corporation Tax

National Minimum and Living Wage increases 1 April 2021

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2021. The ...
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/ Employment & Payroll

Archiving international trade documents

There are important rules that all businesses must follow to keep business and accounting records accessible if requested by HMRC ...
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/ HMRC notices

Updating Self-Assessment tax returns

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change ...
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/ Income Tax

Film and TV restart scheme

The government’s £500 million scheme to kickstart film and television production entitled the Film and TV Production Restart Scheme, helps ...
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/ Business Support

OTS recommended changes to IHT

The Financial Secretary to the Treasury has written to the Office of Tax Simplification (OTS) to confirm that HM Treasury ...
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/ Inheritance Tax

£1.5bn boost for rates relief

A new Business Rates relief fund will provide a £1.5 billion tranche of support to businesses outside the retail, hospitality, ...
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/ Business Support

New support for High Streets and sea-side towns

As lockdown measures begin to be eased, a new package of support measures to help high streets and coastal areas ...
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/ Business Support

5% late penalties apply from 1 April 2021

Self-Assessment taxpayers that failed to pay their outstanding tax liabilities or set up a payment plan by midnight on 1 ...
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/ Income Tax

Tax Diary March/April 2021

1 April 2021 - Due date for Corporation Tax due for the year ended 30 June 2020. 19 April 2021 ...
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/ Tax Diary

Flat Rate Scheme limited cost trader check

The VAT Flat Rate Scheme has been designed to simplify the way a business accounts for VAT and in so ...
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/ Value Added Tax

Incorporation relief

When a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to ...
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/ Capital Gains Tax

Calculating Minimum Wage if paid annual salary

New National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021. These changes will ...
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/ Payroll

Consider signing up to PROOF scheme

One of the services offered by Companies House helps combat fraud and protect your company from unauthorised changes to records ...
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Have you claimed too much from furlough scheme?

HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job Retention Scheme (CJRS) ...
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/ Business Support

Disposing of garden or grounds

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family ...
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/ Capital Gains Tax

What would a business vaccine aim to prevent?

Now we are getting used to the idea that the various vaccines will provide some defence against COVID outbreaks, what ...
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/ Business Support

Reminder of eight-step export routine

Following the end of the Brexit transition period, the process for exporting goods to the EU mirrors the process for ...
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/ Overseas tax issues

Changing accounting date

There are special rules in place which limit the ability to change a company’s year end date. A company’s year-end ...
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Expenditure disallowed

When deciding whether an expense is allowed or disallowed for tax purposes it is important to bear in mind that ...
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/ Business

Tax-free mileage expenses

If you use your own vehicle for business journeys, then you may be able to claim a tax-free allowance from ...
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/ Employment & Payroll

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