Fourth SEISS grant
Self-employed individuals will be able to apply for the fourth SEISS grant from late April if they submitted their tax return for 2019-20 by midnight on 2 March 2021 (it was due by 31 January 2021).
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Budget 2021 Corporation tax complexity
The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22.
Changes to Self Assessment Late Payment Tax Penalty
HMRC has announced that self assessment customers will not be charged a the initial 5% late payment penalty if they pay their tax bill or make a time to pay arrangement by 1st April 2021. The deadline to submit the tax return and pay any tax owed was 31st January 2021. Interest will continue to…
Budget 2021 Summary Report
The Chancellor delivered his budget yesterday. You can download our simple guide to the budget here.
TAX DEADLINE – 31 JANUARY 2021
The most pressing tax deadline for now is the main filing and payment deadline, of 31 January.
Redundancy pay
Most businesses have had a very difficult year due to the pandemic. Unfortunately, some have had to make major changes including letting staff go and restructuring their businesses resulting in redundancies. Making staff redundant is hard for any small business as employees can become as close as family.
Changes afoot for Capital Gains Tax?
In July 2020 the Chancellor of the Exchequer asked the Office of Tax Simplification (“OTS”) to carry out a wide-ranging review of Capital Gains Tax (CGT). The OTS has made a number of significant recommendations. Many of the recommendations are not new and many of them seem to involve reintroducing concepts in CGT that have…
Report your sale in 30 days
A new online system for paying and declaring CGT within 30 days of completion for sales of residential property was introduced from 6 April 2020. CGT online applies to all sales of UK homes where exchange and completion occurred after 5 April 2020. Sellers who are not tax-resident in the UK must report all UK…