Tax Diary February/March 2021
1 February 2021 – Due date for Corporation Tax payable for the year ended 30 April 2020. 19 February 2021 – PAYE and NIC deductions due for month ended 5 February 2021. (If you pay your tax electronically the due date is 22 February 2021) 19 February 2021 – Filing deadline for the CIS300 monthly […]
Did you defer VAT payments last year?
If you took advantage of the offer to defer VAT payments falling due between 20 March 2020 and 30 June 2020 – to help out with the impact of COVID disruption – your now have three choices. You can: pay the deferred VAT in full on or before 31 March 2021 opt in to the […]
Repay private petrol and save tax
At first sight, company cars drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. When the current tax year ends, 5 April 2021, the illustration below demonstrates how a cash payment to an […]
Online payment plans
Almost 25,000 Self-Assessment customers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1 million, HMRC revealed recently. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for Self-Assessment taxpayers. Once they have completed their 2019-20 tax return […]
Reminder of CIS VAT changes
Contractors and subcontractors registered for VAT and the Construction Industry Scheme will need to use the VAT reverse charge process for building and construction services from 1 March 2021. VAT registered subcontractors affected by this change will no longer add VAT to their invoices to contractors. Instead, the contractors’ accounting system will need to add […]
