10.7 million submit 2019/20 Tax Returns
HMRC has revealed that more than 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns by the 31 January deadline. The remaining 1.8 million whose tax return is now…
Check if you can claim a grant through the SEIS Scheme
HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for…
IoD warns Capital Gains Tax rise would adversely affect entrepreneurs
The Institute of Directors (IoD) has warned the government that a rise in CGT would affect Britain’s entrepreneurial spirit. The business group believes CGT could be targeted by the Treasury…
Self assessment deadline approaching
The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to…
Action to disrupt promoters of tax avoidance schemes
HMRC and the Advertising Standards Authority (ASA) have launched a new joint enforcement notice to cut out misleading marketing by promoters of tax avoidance schemes. The joint enforcement notice aims…
Gifts to employees can be tax-free
Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A…
Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 December 2020. The guidance states: ‘You can use the previous rates for up to one month…
Self assessment taxpayers warned to watch out for scammers posing as HMRC
HMRC is warning self assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline. Every year…
HMRC confirms MTD for corporation tax to be mandated from 2026
In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how…
£1 million Annual Investment Allowance cap extended
The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at…
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