Tax Diary October/November 2020
1 October 2020 – Due date for Corporation Tax due for the year ended 31 December 2019.
19 October 2020 – PAYE and NIC deductions due for month ended 5 October 2020. (If you pay your tax
Where is the silver lining?
It is really difficult to maintain a sense of equilibrium and optimism in these difficult times. Even if you can embrace the notion that everything changes, and they do, the present restrictions on
Mothballing your business assets
Mothballing as used in a business sense is usually defined as to stop using a piece of equipment or process, and then storing and preserving mothballed assets for later use.
Many business owners are
The private pensions’ annual allowance
The annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered annual allowance
Carry Corporation Tax losses back
Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or
Relief for self-employed trading losses
There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of
VAT on compensation payments
HMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following recent judgments of the Court of Justice of the European
Video-witnessed wills
The Ministry of Justice (MoJ) has confirmed that video witnessed wills in England and Wales will be made legal during the coronavirus pandemic. The change in law to introduce this measure is due to
Working from home tax claim
If you do not receive compensation from your employer you can still claim tax relief for some expenses that result from home working. HMRC will usually allow you to claim tax relief if you use your
Companies with a 31 December year end
For companies with taxable profits of up to £1.5 million the payment of any Corporation Tax is due 9 months and 1 day after the end of your accounting period. The accounting period is usually the
