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Tax Tips and News

  • Finance Bill 2021 and other changes

    Newsletter issue - December 2020 Although there is no official Budget statement this Autumn, HMRC have published details of a series of measures affecting tax. Some of the changes will take place straight away or from April 2021, others are to be consulted on and included in draft Finance Bill 2021. The key announcements are…Read More

  • HMRC encourage businesses to register for the Trader Support Service

    Newsletter issue - December 2020 The Government is urging businesses to sign up to the Trader Support Service (TSS) before the end of the Brexit transition period. The new service provides a free-to-use digital platform to help businesses and traders of all sizes navigate the upcoming changes to the way goods moved under the Northern…Read More

  • Directors' loans - a reminder of the tax charge

    Newsletter issue - December 2020 Cash transactions between a director and a personal or family company are recorded through the director's account. At the end of an accounting period, if the director owes the company money (ie the account is considered overdrawn), and the company is close (broadly, one that is controlled by five or…Read More

  • Gift Aid tax relief

    Newsletter issue - December 2020 This year, many charities have been heavily impacted by the coronavirus pandemic and have struggled to raise funds. Highlighting the prospects of tax reliefs on donations is one way to encourage gifts. Broadly, the government's Gift Aid scheme is designed to help maximise the value of a gift made to…Read More

  • December questions and answers

    Newsletter issue - December 2020 Q. I am currently in the process of purchasing a property which includes a separate granny annex. Since there is only one title number for the whole property, can I apply for stamp duty land tax multiple dwelling relief (MDR)? A: Since 1 April 2018 SDLT applies to land transactions…Read More

  • December Key tax dates

    Newsletter issue - December 2020 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/12/2020 30 - Deadline for 2019/20 self assessment online returns to be filed if you are an employee and want tax underpaid to be collected by adjustment to your 2020/21 PAYE code (for underpayments of up to £3,000…Read More

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