Did you overclaim the SEISS grant?

May 13th, 2021

A reminder that HMRC have set out detailed guidance for the self-employed who may have over-claimed any of their Self-Employed Income Support Scheme (SEISS) grants. The guidance is reproduced below: You must tell HMRC if, when you made the claim, you were not eligible for the grant. For example: for the first or second grant, […]

Running a limited company

May 12th, 2021

Limited companies are owned by shareholders and managed by directors. Very often, especially in the case of smaller companies, the owners and managers (shareholders and directors) are the same persons. Unfortunately, each has separate roles and responsibilities. For example, as a director of a limited company you must: follow the company’s rules, shown in its […]

Are your Child Benefits under threat?

May 6th, 2021

For some time now, HMRC have had the power to claw back some or all of the Child Benefits you receive if either parent’s income exceeds £50,000. The benefit is recovered by the High Income Child Benefit Charge (HICBC). This states that if either parent had income over £50,000 and: either partner received Child Benefit, […]

Tax Diary May/June 2021

May 4th, 2021

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 - PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021). 19 May 2021 - Filing deadline for the CIS300 monthly […]

Advisory Fuel Rates from 1 March 2021

May 4th, 2021

The advisory electricity rate for fully electric cars is 4 pence per mile. Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates. The advisory fuel rates for petrol, LPG and diesel cars are shown in these tables. From 1 March 2021 You can use the previous rates for up to […]

Averaging profits for creators of literary or artistic works

May 4th, 2021

A special relief is available for creators of literary or artistic works under which they can claim to add together their profits for 2 years and be taxable on the average of those profits if certain conditions are met. This helps to even out fluctuating tax charges for creative persons who may pay little tax […]

Charity – using a subsidiary trading company

May 4th, 2021

One or more charities can set up a subsidiary trading company to trade on their behalf. This may be a useful strategy if your charity: makes profits on trading that is not linked to its primary purpose makes a profit that comes close to or is higher than the small trading tax exemption limit wants […]

A new government-backed loan scheme

May 4th, 2021

A new Recovery Loan Scheme was launched 6 April 2021, to provide much needed liquidity to businesses affected by COVID lockdown measures. Under the scheme, loans of up to £10m are available. The minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts. Potentially, these loans […]

Data Protection obligations

May 4th, 2021

Everyone in business that handles personal data must register for data protection purposes with the Information Commissioners Office. Most business will need to pay an annual fee of £40 or £60 but this can rise to £2,900. Some organisations only pay £40 regardless of their size and turnover. These are: charities and small occupational pension […]

Beware trading into insolvency

April 29th, 2021

The present pandemic has created just the right conditions for certain businesses to trade their way into insolvency. As we start the gradual withdrawal from lockdown, consumers will be on the lookout to spend after months of enforced home “arrest”. This will likely fuel an increase in economic activity on an unprecedented scale as we […]

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