Tax Tips and News
Latest news round-up
Newsletter issue - August 2021. COVID-19 From 1 August the government contribution will fall to 60%, meaning the employer will need to pay 20% to ensure the employee receives their entitlement of 80% (subject to a £2,400 per month). This will remain in place until the end of September when the scheme is set to…Read More
Investors' Relief - the forgotten CGT break?
Newsletter issue - August 2021. Investors' Relief (IR) was introduced in April 2016 to complement what was then called entrepreneurs' relief. IR is intended to encourage outside investment into smaller entrepreneurial companies by those investors who may not wish to get involved with the day-to-day running of the business. Entrepreneurs' relief, now called Business Asset…Read More
Invalid VAT invoices
Newsletter issue - August 2021. One of the fundamental requirements for re-claiming input tax on a VAT return is the need to have a valid VAT invoice. A valid invoice must include certain requisite information, such details of the goods or services procured, the VAT registration number of the supplier, their address, and show the…Read More
Tax-Free Childcare and summer activities
Newsletter issue - August 2021.HMRC has issued a reminder to working parents that Tax-Free Childcare (TFC), the scheme the government phased in between 2017 and 2018, is not just for "traditional" childcare costs, such as regular hours after school during term time. It's also possible to use the account to pay for things like accredited…Read More
August Questions and Answers
Newsletter issue - August 2021. Q. My partner has been suffering with "long COVID" for several months, and unfortunately has had to leave her job as a result. As our son is in his second year of university, we can't really afford the drop in income, and so I am taking a second job. The…Read More
August Key tax dates
Newsletter issue - August 2021. 1 - Due date for payment of Corporation Tax for accounting periods ending 31 October 2020 2 - P46 (Car) deadline for quarter to 5 July 2021 7 - Electronic VAT return and payment due for quarter ended 31 June 2021 16 - Claim deadline for employers for furlough days…Read More