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In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax...
The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief if they employ a veteran during the qualifying period. The qualifying period starts on the first day of the veteran’s...
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%. Those...
Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT...
Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant...
The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a...
Are you considering a career in accountancy? Are you looking for a local practice who will provide you with expert on-the-job training and sponsor you to study AAT? DPC Chartered Accountants can offer you the perfect apprenticeship. Through a DPC apprenticeship, you will: Train in accounting, taxation and...
Date What’s Due 1 March 2021 Corporation tax payment for year to 31/5/20 (unless quarterly instalments apply) 15 March 2021 February Furlough claims must be made by this date 19 March 2021 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/21 (due 22/03 if you pay electronically) 1 April...
For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid donations can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and...
These are the suggested reimbursement rates for employees' private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p 1600cc or less 9p (8p) 1401cc to 2000cc 12p (11p) 8p 1601 to 2000cc 11p (10p) Over 2000cc 18p (17p) 12p 12p Note that for hybrid cars...