Accounting blogs
National Living Wage April 2021
From April 2021 the National Living Wage replaces the National Minimum Wage for employees aged 23 and over.
HMRC installment plan
HMRC have announced that all 2020 personal tax owed, less than £30,000, may be paid over a year by monthly installments, penalty free if you contact them and agree the plan before 31st March 2021.
Budget 2021
Budget 2021 Main points.
Scam HMRC phone calls
If you receive an automated phone call from HMRC asking you to pay tax please ignore as these are SCAM calls.
Reverse vat charge 1st March
From 1st March all vat registered CIS registered companies will be paid net of VAT by their contractors.
Deferred VAT payment
The deferred VAT payment from last March-June, must be paid by 31/3/21.
Christmas tax relief
HMRC allows a company to claim £150 per employee in tax relief for a christmas party or meal.
Directors loans and Taxation
If you withdraw more money from your Limited company than there are profits, this is known as a Directors loan.
Local lockdown furlough payments
Local lockdown furlough payments. From 1st November 2020 for 6 months, if your business has been forced to close in a local lockdown area due to coronavirus, you can claim 2/3rds of your staff members salary as a furlough payment up to £2,100 per month per staff member.