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Tax Credits Renewals

tax credits renewal

HMRC will be sending out 2.5 million tax credits renewals packs from this week. Tax credits customers should check the details and report any change in circumstances to HMRC. The packs will be sent out within the next 6 weeks and all should of received them by 4th June 2021. HMRC recognises that many tax … Read more

Working from Home Tax Relief

working from home tax relief

Employees working from home due to the coronavirus pandemic can continue to claim tax-relief on costs not reimbursed by their employer, but a new claim will need to be made for the 2021/22 tax year. Normally, employers can pay a tax-free allowance of up to £6 per week/£26 per month to employees required to work … Read more

Self Assessment Payment Plan

Self Assessment Payment Plan

The deadline for paying outstanding tax liabilities or setting up a Self Assessment payment plan is the 1st April. This will avoid incurring penalty charges for Self Assessment. Last month, HMRC said that due to the impact of the COVID-19 pandemic, they were giving Self Assessment taxpayers more time to pay their tax or set … Read more

Tax-Free Childcare

Tax free Childcare HMRC

Families reap the benefits of Tax-Free Childcare Families using their Tax-Free Childcare accounts to pay childcare costs are benefiting from a government top-up worth up to £500 every three months. However thousands of families across the UK are missing the chance to save money on childcare. The scheme allows parents or carers who have children … Read more

SEISS Fourth Grant

self employment income support scheme

With the upcoming SEISS fourth grant HMRC have issued new guidance. The SEISS (Self-Employment Income Support Scheme) has been extended until September 2021 there have been some changes to the eligibility. This will now be based on the submitted 2019-20 tax return. Who can claim To be eligible for the fourth grant you must be … Read more

Budget 2021

Budget 2021

As part of the Budget released 3rd March, 2021 the UK Government has announced further support for employers and the self employed. Help for Employers: The personal tax allowance will increase from £12,500 to £12,570 for the new tax year 2021-22 and the plan is to keep it at this level until 2026. The higher … Read more

VAT Reverse Charge

VAT domestic reverse charge 1st October 2020

The VAT reverse charge for construction is effectively an extension of the Construction Industry Scheme (CIS) and applies only to transactions that are reported under CIS and are between VAT-registered contractors and sub-contractors. The scheme means that those supplying construction services to a VAT-registered customer will no longer have to account for the VAT. Instead, the customer will account … Read more

Self Assessment Late Payment Penalty

Self Assessment Payment Plan

Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HM Revenue and Customs (HMRC) has announced. The payment deadline for Self Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a … Read more

Off-Payroll Working Rules

IR35 Off payroll working rules April 2021

As of 6th April 2021 new off-payroll working rules come into effect. These will affect contractors who work through their own limited company, HMRC have compiled a factsheet for contractors who think they may be affected. Who The Rules Apply To Some rules already apply to all public sector clients, but from 6 April 2021 … Read more

Marriage Allowance

Marriage Allowance

Marriage Allowance offers individuals the chance to transfer part of their Personal Allowance to their husband, wife or civil partner. This could reduce their tax by up to £250 a year. For some couples, this could mean a backdated payment of up to four years of claims which could be as much as £1,188. It … Read more