If you do not pay your tax bill on time and cannot make an alternative arrangement to pay, HMRC can take ‘enforcement action’ to recover any tax you owe. You can usually avoid enforcement action by contacting HMRC as soon as you know you have…
Tag: Tax
Business entertaining and tax relief
Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment. The meaning of ‘incidental’ is not defined by HMRC but should be interpreted to mean any expenditure that…
Tax Diary June/July 2021
1 June 2021 – Due date for Corporation Tax due for the year ended 31 August 2020. 19 June 2021 – PAYE and NIC deductions due for month ended 5 June 2021. (If you pay your tax electronically the due date is 22 June 2021)…
Tax Diary May/June 2021
1 May 2021 – Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 – PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May…
Temporary extension of loss relief carry-backs
Many businesses across the UK are likely to make losses in the 2020-21 tax year due to the havoc resulting from COVID disruption. Which was why the announcement in the recent Budget that losses can be carried back for an extended period was most welcome.…
Repay private petrol and save tax
At first sight, company cars drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. When the current tax year ends, 5 April 2021,…
Online Payment Plans
Almost 25,000 Self-Assessment customers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1 million, HMRC revealed recently. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for…
Scammers posing as HMRC
We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you of hard-earned cash resources. HMRC has recently published a warning to taxpayers about scammers posing as HMRC employees. They said:…
The end is nigh…
In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021. The UK’s tax code is predominantly time-limited. Any reliefs and exemptions from UK taxes for 2020-21 will mostly expire at the end of the tax year. Accordingly,…
Annual Christmas bash?
Trying to double guess the social distancing rules is rather like placing bets on a throw of the dice. The current exhortation from the Prime Minister – to observe the rule of six – is yet a further change in the endless attempts at controlling…