New government proposals target the promoters of national insurance contribution (NIC) avoidance schemes, while plans are in place to introduce a zero rate of employer contributions in Freeports. Both measures are included in the National Insurance Contributions Bill 2021. Crackdown […]
Category: Tax Planning
VAT deferral – apply online by 21 June 2021
The VAT deferral new payment scheme is open for all businesses who deferred paying VAT due between 20 March and 30 June 2020 and were unable to pay in full by 31 March 2021. If you apply to spread your […]
check that your shares qualify for CGT business asset disposal relief
A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder […]
Making Tax Digital (MTD) for VAT – end of “soft landing”
MTD for VAT currently applies to VAT registered businesses with taxable turnover in excess of £85,000, the current VAT registration threshold. From 1 April 2022, MTD for VAT is being extended to all VAT registered businesses. HMRC have updated their […]
reimburse private fuel by 6 July to avoid fuel benefit
One consequence of the recent periods of lockdown is that employees may have driven fewer private miles in their company cars, particularly where they have not been driving to the office. If they are to avoid being taxed on the […]
Could an employee ownership model help you to build a better business?
Businesses such as John Lewis are famous for being pioneers of the employee ownership model. When employees own a stake in a company it can create a positive culture. Businesses tend to move to an employee-owned model at different points […]
HMRC temporarily waives 5% late penalty fee
HMRC is giving more time to pay or to set up a payment plan for Self-Assessment because of the impact of COVID-19. Consequently, Self-assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set […]
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