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Filing deadlines: August – December 2021

2 August             Forms P46(Car) for quarter ended 5 July (where benefits not payrolled) to reach HMRC by this date 5 August             Employment intermediary’s quarterly…
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HMRC clarifies penalty scheme for deferred VAT

HMRC has confirmed that the penalty regime for non-payment of VAT due to the deferred VAT scheme introduced at the start of the pandemic is now in place A financial…
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Why is making tax digital good for your business?

Making Tax Digital (MTD) is being introduced to allow the UK tax system to be as efficient, effective, and as easy to follow as possible. Businesses with a VAT turnover…
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Fifth SEISS grant opens for applications

HMRC has confirmed that applications for the fifth grant for Self Employment Income Support Scheme is now open for online submissions. The fifth grant can be claimed if you think…
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Pension freedom age will rise to 57 for tax free withdrawals

The government has confirmed that it will proceed with plans to increase the normal minimum pension age (NMPA) from 55 to 57 years, marking the age they can access their…
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Limited businesses can apply for exemption to self-isolation

The government will allow important parts of critical industries to carry out daily testing instead of requiring staff to self-isolate to try and reduce the impact of the ‘pingdemic’ Workers…
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SMEs feel confident but frustrated by lack of financial backing

SME owners are feeling more optimistic and are keen to invest in growth but are frustrated by the mix of financial options open to them, according to a survey from…
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Using Cash Basis to workout your income and expenses for your Self Assessment tax return

‘Cash basis’ is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you…
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Grappling with SEISS 5 and the new turnover test

With the fifth in the series just days away, the Self-Employed Income Support Scheme (SEISS) seems intent on overtaking the Fast and Furious film franchise (which currently stands at nine).…
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The Seven Key Causes of Poor Cashflow

Accounts receivable process A poor accounts receivable process will result in debtor days (the time between billing and banking) being too high.  This will stifle your cashflow.  There are many…
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