Reporting Covid-19 Support Payments on your tax return
If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return.
Keeping the Christmas party tax-free
Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the process?
Tax-free help with childcare costs
Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible.
National Insurance and dividend tax to go up 1.25% from April 2022
From April 2022, both national insurance and dividend tax are set to rise by 1.25%.
Making mileage payments to employees
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda.
Collection of tax debts post Covid-19
During the Covid-19 pandemic, HMRC paused much of their tax collection work but as the country starts to emerge from the pandemic, HMRC have once again turned their focus to the collection of tax debts, publishing a policy paper setting out their approach.
RTI penalties and period of grace
Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS).
Unrelieved interest on residential lets
For 2020/21 and later tax years, unincorporated property businesses are only able to obtain relief for interest and finance costs on residential lets as a basic rate tax reduction; it is no longer possible to deduct any of the interest or finance costs to arrive at the taxable profit.
Do I need to register for VAT?
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000.
What happens if your business is ‘chosen’ for an HMRC enquiry?
HMRC has the power to enquire into any return and request any information to establish whether that return is correct. No reasons need be given and invariably will not be disclosed.