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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).
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.
Expenses and benefit returns for 2020/21
Expenses and benefits returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late.
Dissolving a partnership
A partnership can be either an ordinary partnership or a limited liability partnership (LLP).
Business interruption insurance – Are pay-outs taxable?
Business interruption insurance provides cover for losses as a result of events that close or severely disrupt the business.
Legal v illegal dividends
Changed business conditions in light of the Coronavirus pandemic have caused many companies to review their dividend policies not least because the company's financial position may have deteriorated significantly from that shown in its last annual accounts.
More time to pay back deferred VAT and tax
At the start of the pandemic, VAT registered businesses were given the option of deferring payment of ant VAT that fell due in the period from 20 March 2020 to 30 June 2020.