News

No late online filing penalties until 28 February 2021

28/01/2021

HMRC has announced that fines for taxpayers that file their Self-Assessment returns late will be waived until 28 February 2021. The filing deadline for 2019-20 returns remains at 31 January 2021. HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers remain obliged to pay their tax bill by 31 January and interest...

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Keep your business moving

28/01/2021

An interesting press release published jointly by the Department for Business, Energy & Industrial Strategy and Business Minister, Paul Scully has highlighted some important actions that businesses should ensure they undertake now that the UK has left the EU single market and customs union. In his message to keep business moving, the...

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Carry a company trading loss back to previous years

28/01/2021

Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may be used to claim relief from Corporation Tax by offsetting the loss against profits in previous years. This could be an especially useful option for the many companies that have been adversely affected during the...

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Making good fuel provided for private motoring

28/01/2021

Where an employee with a company car is provided with fuel for their own private use by their employer, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car, applied to the car fuel benefit multiplier, currently £24,500. The car fuel...

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Flat Rate Scheme annual review

28/01/2021

Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The...

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Claiming the NIC Employment Allowance

28/01/2021

The Employment Allowance allows eligible employers to reduce their National Insurance liability. The allowance increased to £4,000 (was £3,000) from 6 April 2020. An employer can claim less than the maximum if this will cover their total Class 1 NIC bill. The allowance is only available to employers that have employer NIC liabilities of...

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Drifting into the HICBC

28/01/2021

The High Income Child Benefit Charge (HICBC) could apply to your clients if their income exceeds £50,000 for the first time this year and they are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. If a taxpayer (or their...

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Landlords need to embrace a digital approach

27/01/2021

HMRC are slowly rolling out their Making Tax Digital (MTD) scheme. Eventually, selected landlords submitting their rental income and outgoings via self-assessment will need to embrace this new MTD requirement. What will it involve? Self-employed landlords with property income above £10,000 will need to follow the MTD for Income Tax...

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Funding to get young people into work

27/01/2021

Employers can now apply for a £1000 cash boost to help them take on new trainees. The new scheme will support young people to gain the skills and experience they need from the very start, helping them to get a job, an apprenticeship, or pursue further study. The cash boost - which is available until 31 July 2021 - will help businesses...

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Government help for people in debt

21/01/2021

New government proposals have been published that look at further extending debt solutions to help more people suffering from problem debts. The proposals specifically look at increasing the financial eligibility criteria for debt relief orders (DROs), helping more people deal with financial difficulties to get a fresh start. A DRO is a...

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Online tax payment plans

21/01/2021

New figures published by HMRC have revealed that some 25,000 taxpayers have set up an online payment plan to manage their tax liabilities spreading payments of £69 million for up to 12 monthly instalments. This follows an increase in the limit for making an online payment plan to £30,000 (previously £10,000) that took effect from 1...

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Tax when you sell shares

21/01/2021

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free wrapper such as an ISA or pension. If you only pay basic rate tax and make a small capital gain you may only be subject to a reduced rate of 10%. Once the total of your taxable income and gains exceeds the higher...

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Tax returns filing deadline is fast approaching

21/01/2021

The approaching deadline for submitting 2019-20 Self-Assessment tax returns online is 23:59 on Sunday, 31 January 2021. The filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment off tax due to HMRC. This includes the payment of any balance of Self-Assessment...

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Simplified expenses motor vehicles

21/01/2021

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company. The fixed rate deduction...

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Striking companies from Companies Register

21/01/2021

There are a limited range of circumstances when a company can request to be removed from the register (known as being struck off). For example, a voluntary strike off can be requested by a dormant or non-trading company. A limited company can be closed down by getting it 'struck off' the Companies Register, but only if it: hasn't...

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Basics of CGT Rollover Relief

21/01/2021

Business Asset Rollover Relief is a valuable relief that allows you to defer payment of CGT on gains made when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost...

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Government tackles late payment to small firms

19/01/2021

The Government has announced an overhaul of the Prompt Payment Code (PPC). Under the new reforms, companies that have signed up to the PPC will be obliged to pay small businesses within 30 days - half the time outlined in the current Code. Despite almost 3,000 companies signing the Code, poor payment practices are still rife, with many...

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Rights to regenerate

18/01/2021

We will soon have the rights to turn derelict buildings into homes and community assets. In a recent press release the Ministry of Housing said: The public will be able to convert vacant plots of land and derelict buildings into new homes or community spaces, under plans announced 16 January 2021 by the Housing Secretary, Robert Jenrick...

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