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Tax Diary November/December 2021
28/10/2021
1 November 2021 - Due date for Corporation Tax due for the year ended 31 January 2021. 19 November 2021 - PAYE and NIC deductions due for month ended 5 November 2021. (If you pay your tax electronically the due date is 22 November 2021.) 19 November 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 November Read more...


Autumn Budget Summary 27 October 2021
27/10/2021
As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021. But we now have all the details and, as usual, there is much to consider. The following Budget summary is split into two sections: Taxation changes Other Read more...


Self-Assessment filing deadlines
21/10/2021
The 2020-21 tax return deadline for submitting your paper Self-Assessment returns was 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a Self-Assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due Read more...


Claiming tariff quotas to reduce import duties
21/10/2021
Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to imports from specific countries. Most tariff quotas operate on a first come first serve basis and when the quota runs out, the duty rate returns to normal. There is Read more...


Transport restrictions eased
21/10/2021
The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate pressures with the supply chain due to lorry driver shortages and other global supply issues. The term cabotage in this context refers to specific restrictions on foreign lorry drivers on the amount of work they can do within Read more...


VAT Margin Scheme bad debt relief
21/10/2021
The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period (usually 6 months after the due date) has elapsed. Under the normal VAT accounting rules, a business Read more...


Haulage company charged with loan fraud
21/10/2021
An interesting case has seen a haulage company based in the West Midlands have their operator licence revoked. This followed a public inquiry into the company by the traffic commissioner for the West Midlands. The traffic commissioner found that almost all the company’s financial resources had been provided by a £50,000 Bounce Back loan Read more...


Payments received after company is dissolved
21/10/2021
Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as 'bona vacantia' which literally means vacant goods. The bodies that deal with bona vacantia claims vary across the United Kingdom, but they all ultimately represent Read more...


Have you claimed your Child Trust Fund cash?
14/10/2021
Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual amount on deposit depends on certain factors. Children born after 31 August 2002 and before 3 January 2011 were entitled to a CTF account provided they met Read more...


Letting agencies and the Money Laundering Regulations
14/10/2021
HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for failing to register. It is a criminal offence to trade as a letting agency business (as defined within Read more...

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