by Admin | 28 Jan, 2021 | Tax Diary
1 February 2021 – Due date for Corporation Tax payable for the year ended 30 April 2020. 19 February 2021 – PAYE and NIC deductions due for month ended 5 February 2021. (If you pay your tax electronically the due date is 22 February 2021) 19 February 2021...
by Admin | 28 Jan, 2021 | Income Tax
The High Income Child Benefit Charge (HICBC) could apply to your clients if their income exceeds £50,000 for the first time this year and they are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child...
by Admin | 28 Jan, 2021 | National Insurance
The Employment Allowance allows eligible employers to reduce their National Insurance liability. The allowance increased to £4,000 (was £3,000) from 6 April 2020. An employer can claim less than the maximum if this will cover their total Class 1 NIC...
by Admin | 28 Jan, 2021 | Value Added Tax
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and in so doing...
by Admin | 28 Jan, 2021 | Income Tax
Where an employee with a company car is provided with fuel for their own private use by their employer, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car,...
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