Budget 2021: corporation tax to increase to 25% In April 2023, the rate of corporation tax will increase to 25%, a 6% increase from the current 19% while at the same time creating a small profits rate for businesses with less than £50,000 profit who will continue to pay corporation tax at the current 19%…
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HMRC have issued a reminder that Self Assessment (SA) taxpayers who have not yet filed their 2019/20 tax return should do so by 28 February 2021 to prevent a £100 late filing penalty charge. Taxpayers who have outstanding liabilities for the year have until midnight on 1 April 2021 to pay any outstanding tax or…
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Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay in smaller monthly instalments, HMRC has announced. In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under…
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The payment deadline for self assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3 March. But this year, because of the impact of the Covid-19 pandemic, HMRC is giving taxpayers…
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HMRC are reminding married couples and people in civil partnerships that they may be able to take advantage of the marriage allowance and claim a tax refund before the end of the current tax year. Marriage allowance offers individuals the chance to transfer part of their personal allowance to their husband, wife or civil partner,…
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20 July: Under new rules capital gains tax (CGT) on disposals of UK residential property must be reported by 31 July to avoid a penalty, reminds ICAEW’s Tax Faculty. A new requirement to report and pay capital gains tax (CGT) on disposals of UK residential property within 30 days of completion applies to disposals (which usually means…
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