Article Database - Tips & Advice Tax: Year 21, issue 01

 
Too late to start a tax enquiry? Publication date: 19.10.2020
Article database
Our subscriber recently received a letter from HMRC saying that it’s started an enquiry into his 2018/19 tax return. A friend has told him that HMRC has missed the deadline for making enquiries. How should he respond to HMRC?
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Chancellor extends payment deadlines Publication date: 19.10.2020
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As the financial fallout from coronavirus continues, the Chancellor has made further concessions to help VAT-registered businesses and individuals who pay self-assessment tax. What’s the full story?
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Benefit in kind or a distribution? Publication date: 19.10.2020
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You’re the shareholder of a company which you’re closing down. It has a small amount of cash in the bank and a van. Is it more tax efficient to sell the van before the company is wound up or transfer it to yourself and sell it privately?
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HMRC updates IR35 guidance ready for 2021 Publication date: 19.10.2020
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HMRC updates IR35 guidance ready for 2021..IR35 changes recap. From 6 April 2021 if your business is medium-sized or large and uses the services of a person who provides them through an intermediary, e.g. a company or partnership, you (and not the worker) must decide whether the IR35 rules apply. HMRC has made changes to the guidance in its...
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Pension access delayed Publication date: 19.10.2020
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Pension access delayed..An important diary date. The government has confirmed previous indications that the age at which individuals will be allowed to access their private pension savings will be raised. In 2028, presumably from 6 April of that year, you’ll only be able take benefits from your pension savings if you are 57 or older. Until then...
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Are you too late to claim an NI refund? Publication date: 19.10.2020
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For some years you’ve simultaneously been an employee or director of a few companies. You’ve paid NI contributions on your earnings from each and you think you might have paid too much. Are you too late to claim a refund?
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Takeaway and delivered food - get the VAT right Publication date: 19.10.2020
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A temporary lower VAT rate currently applies to some supplies of food and drink but not others. While this is good news it’s caused some confusion. What VAT should you be charging your customers?
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When should you account for PAYE on your salary or bonus? Publication date: 19.10.2020
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After reducing your salary because of poor cash flow over the summer months the plan is to top up your pay with a bonus. It won’t be paid until after the end of the company’s current financial year, but when must you account for the PAYE?
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Protecting the value of your home from IHT Publication date: 19.10.2020
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The residence nil rate band (RNRB) can increase the amount of your estate that will escape inheritance tax. When can the RNRB apply and what steps can you take to ensure that your beneficiaries benefit from the tax savings?
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Last updated: 21.10.2020
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