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VAT payment holiday is over Publication date: 07.07.2020
Article database » VAT » Payment
VAT payment holiday is over..Normal service resumed. The VAT payment deferral period ended on 30 June 2020. This means you must pay any VAT due after that date on time or HMRC may apply surcharges. For example, if your VAT quarter ended on 31 May, and you pay your VAT by direct debit, you should have paid HMRC by 7 July. Remember...
Tax return following a delayed start to business Publication date: 07.07.2020
Article database » Corporation tax » Accounting period
You formed a company in March with the intention of beginning trade immediately. However, this was delayed because of coronavirus. Do you need to notify HMRC and what effect will the delay have on the company’s tax returns?
VAT trap for private use of company vehicles Publication date: 07.07.2020
Article database » Cars » VAT
In the last few months there’s been little work for two of your employees but they’ve continued to have use of their company vans, including for personal journeys. Does this affect what you need to report on your next VAT return?
Trouble with tax credits renewal Publication date: 07.07.2020
Article database » Tax credits » Working tax credits
HMRC has simplified the tax credits renewal process this year but has made an error in the process. What steps should you take if your tax credits renewal pack includes incorrect data?
More news on homeworking expenses Publication date: 07.07.2020
Article database » Employees » Expenses
More news on homeworking expenses..Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance...
Tax-efficient incorporation of a loss-making business Publication date: 07.07.2020
Article database » Income tax » Losses
You’re about to transfer your sole trader business to a company of which you’re the main director and shareholder. The business made losses in the last trading period before the transfer. How can you maximise tax relief for these?
SEISS checks - are you ready? Publication date: 07.07.2020
Article database » News » Coronavirus
You claimed a Self-Employment Income Support Scheme (SEISS) grant. While it wasn’t too tricky to qualify, that’s not the end of the story as HMRC will be checking claims further down the line. What records do you need to back up your claim?
Inherited assets - who’s liable for capital gains tax? Publication date: 07.07.2020
Article database » Capital gains tax » Reporting to HMRC
One of our subscribers is the executor of her mother’s estate. She left some valuable items to her and her sister. She wants to sell several of these to pay debts of the estate. Will there be any tax and if so who’s responsible for it?
Restarting salary from your company Publication date: 07.07.2020
Article database » Profit extraction » Salary
You’ve not drawn salary from your company for the last three months because its income was significantly reduced. It’s now improving and you’re restarting your salary next month. Is it worth paying yourself the arrears?
Is there trouble ahead for pension savers? Publication date: 22.06.2020
Article database » Pensions » Allowances
The Upper Tribunal recently ruled for HMRC in a case involving a certain type of pension contribution. There’s now concern that it will claw back tax relief from others in the same situation. Is this something you should be worried about?

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Last updated: 31.07.2020

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