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.