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Latest News from Royston Parkin
An important part of our job is to keep up to date with the latest legislation, to report on Budgets and any other developments which might affect you and your business.
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LATEST NEWS
Private residence, court actions available on separation or divorce
Couples may have experienced the difficulties that can arise when couples separate or divorce. One area where they may need to resolve are the options
Consider online tax payment plans
January is the month that taxpayers registered for self-assessment need to pay their taxes. Usually, this amounts to any underpayment for the previous tax year
Why go digital?
There is a major advantage to recording business transactions digitally; once the basic data has been entered it can be interrogated and represented in endless
Business Lock-down summary January 2021
We have prepared the following lists from information published on the GOV.UK website. It sets out which businesses are required to close, and which can
Is your 2019-20 tax return filed?
Readers who have not yet filed their 2019-20 self-assessment tax return for 2019-20 have less than one month to do so. The online filing deadline
Best wishes for 2021
The turning of the old year into the potential for the new year has usually generated the Happy New Year salutation. And indeed, we do
The transition period has ended
From the beginning of this month the Brexit transition period has ended. Negotiations to secure a trade agreement between the UK and the EU from
Tax Diary January/February 2021
1 January 2021 – Due date for Corporation Tax due for the year ended 31 March 2020. 19 January 2021 – PAYE and NIC deductions
Strategies for the self-employed
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of
The end is nigh
In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021. The UK’s tax code is predominantly time
Scammers posing as HMRC
We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you
Concerned about tax payments due 31 January 2021?
UK taxpayers that file a tax return will need to pay a variety of self-assessment tax and NIC liabilities that will fall due at the
Parting shot from the Chancellor
For a man that has admitted he has concerns about the level of government funding committed to the support of businesses during the last nine
Looks like we are heading for a no-deal exit from the EU
If the following criteria apply, this is what our government recommend that you do from 1 January 2021: You: Are British Live and work in
Accounting for import VAT on your VAT return
From 1 January 2021, if your business is registered for VAT in the UK, you will need to consider how to treat VAT added to
Possible crackdown on unfair employment clauses
The following update is copied from a government press release recently issued by the Department for Business, Energy & Industrial Strategy. New proposed measures to
What have we learnt from 2020?
To answer this question, we should take a look at a few adjectives that have been used to describe COVID-19’s effects on our personal and
Summary of spending review 2021-22
A summary of the business elements of the recent Spending Review for next year are set out below: Continuing the UK’s recovery from coronavirus The
Tax Diary December 2020/January 2021
1 December 2020 – Due date for Corporation Tax payable for the year ended 28 February 2020. 19 December 2020 – PAYE and NIC deductions
Customs changes from 1 January 2021
Most smaller businesses will not have the resources to train and employ their own customs clearance staff in which case you may have to consider
Trivial benefits are not so trivial
A reminder that It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a
Self-Assessment filing deadline draws near
If you have still not submitted all of the information we need to complete your 2019-20 tax return, could we ask you to respond as
More on extended furlough scheme
Most employers who are eligible will be aware that the furlough scheme (the Coronavirus Job Retention Scheme) has been extended for five months – from
Employers note increase in National Living Wage
The Chancellor, Rishi Sunak, confirmed a small increase in the National Living Wage rates from April 2021. Employers will need to diarise these increases otherwise
Are you ready for 1 January 2021?
When we awake to the new year we will no longer be in transition; we will be out of the EU and will have to
Furlough claims from 1 November 2020
If you are making claims under the extended furlough scheme from 1 November 2020 you need to be aware of changes in the claims process.
Are you eligible for further self-employed grants?
Two quarterly grants have been paid to UK self-employed traders that qualify for the Self- Employed Income Support Scheme (SEISS). These covered the periods up
Current businesses subject to lock-down
We have reproduced below a list of businesses which must close during the period 5 November to 2 December 2020. Business based in England and
Are you eligible for Universal Credit?
What to do if you are placed in a financial position where you do not have sufficient income to meet your monthly outgoings and you
Government financial support extended
Government financial support for UK businesses affected by the COVID pandemic have been extended in the past week. Thankfully, relief for employees of affected companies
Get ready for end of EU transition period
Government have recently promoted their online webinars that aim to support businesses who will be affected by the end of the EU exit transition period,
Are you making the most of your accounts data?
Many of us have taken the step from manual to digital accounting systems. But are you making the most of features provided? Without a doubt,
Tax Diary November/December 2020
1 November 2020 – Due date for Corporation Tax due for the year ended 31 January 2020. 19 November 2020 – PAYE and NIC deductions
Make hay while higher rate relief is available
For many years Chancellors have threatened to reduce the Income Tax relief that can be claimed for payments into a private pension scheme. There have
How much of your estate will be taxed?
The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%. The good news is that you
Students warned to avoid tax scams
Readers with children at university should pass on this message as students starting university this year are being warned by HMRC that they could be
Cash back at all shops
Brits will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system announced 15
Tax return reminder
HMRC have recently published a press release entitled “Just 100 days left for Self -Assessment”. Before readers make the obvious connection, that this heralds the
The Job Support Scheme options – open and closed
The revised Job Support Scheme (JSS) announced in the last few days comes in two varieties: Open and Closed. JSS Open Businesses in Tier 2
Have you over-claimed for COVID related support grants?
Readers who may have inadvertently over-claimed grants, the furlough scheme for example, should remedy the situation before HMRC start pro-actively investigating claims. The Finance Act
New measures to sort late payers
New proposals have been outlined by government to ensure small businesses in the UK are paid on time. Currently £23.4 billion worth of late invoices
Tax Diary October/November 2020
1 October 2020 – Due date for Corporation Tax due for the year ended 31 December 2019. 19 October 2020 – PAYE and NIC deductions
Smart Data laws on the way?
Consumers and small businesses will benefit from better deals and savings through innovative services, thanks to new Smart Data laws proposed by government. Smart Data