Did you overclaim the SEISS grant?
May 13, 2021

A reminder that HMRC have set out detailed guidance for the self-employed who may have over-claimed any of their Self-Employed Income Support Scheme (SEISS) grants.

The guidance is reproduced below:

You must tell HMRC if,...

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Running a limited company
May 12, 2021

Limited companies are owned by shareholders and managed by directors.

Very often, especially in the case of smaller companies, the owners and managers (shareholders and directors) are the same persons. Unfortunately, each has separate...

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Are your Child Benefits under threat?
May 6, 2021

For some time now, HMRC have had the power to claw back some or all of the Child Benefits you receive if either parent’s income exceeds £50,000.

The benefit is recovered by the High Income Child Benefit Charge (HICBC). This...

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Tax Diary May/June 2021
May 4, 2021

1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020.

19 May 2021 - PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021).

19 May 2021 -...

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Advisory Fuel Rates from 1 March 2021
May 4, 2021

The advisory electricity rate for fully electric cars is 4 pence per mile.

Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates.

The advisory fuel rates for petrol, LPG and diesel cars are shown in...

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Averaging profits for creators of literary or artistic works
May 4, 2021

A special relief is available for creators of literary or artistic works under which they can claim to add together their profits for 2 years and be taxable on the average of those profits if certain conditions are met. This helps to even out...

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Charity – using a subsidiary trading company
May 4, 2021

One or more charities can set up a subsidiary trading company to trade on their behalf. This may be a useful strategy if your charity:

  • makes profits on trading that is not linked to its primary purpose
  • makes a profit...

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A new government-backed loan scheme
May 4, 2021

A new Recovery Loan Scheme was launched 6 April 2021, to provide much needed liquidity to businesses affected by COVID lockdown measures. Under the scheme, loans of up to £10m are available. The minimum facility sizes vary, starting at...

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Data Protection obligations
May 4, 2021

Everyone in business that handles personal data must register for data protection purposes with the Information Commissioners Office.

Most business will need to pay an annual fee of £40 or £60 but this can rise to...

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Beware trading into insolvency
April 29, 2021

The present pandemic has created just the right conditions for certain businesses to trade their way into insolvency.

As we start the gradual withdrawal from lockdown, consumers will be on the lookout to spend after months of enforced...

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