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Tax Tips and News

  • Latest news round up

    Newsletter issue - May 2021 Off-payroll working The extension of the off-payroll working rules to medium-sized and large organisations finally took effect on 6 April. The responsibility for making an employment status determination for each engagement where the worker's services are provided through an intermediary now rests with the client receiving the services, i.e. the…Read More

  • Student loans for 2021-22

    Newsletter issue - May 2021 Starting from 6 April 2021, there is a new type of undergraduate student loan that employers need to be aware of when operating payroll - the Plan 4 loan (SLP4). The new plan type has been necessary due to the Scottish government amending certain details regarding repayment, including the increase…Read More

  • Debt factoring and VAT

    Newsletter issue - May 2021 Due to the coronavirus, many businesses are experiencing cash flow issues as their customers struggle to make payments in good time. A range of banks offer debt factoring as a way of improving the cash flow position. However, there are VAT considerations that should not be overlooked. Debt factoring is…Read More

  • Making Tax Digital

    Newsletter issue - May 2021 From 1 April 2021, all compulsorily VAT-registered businesses that submit electronic VAT returns are required to digitally link the business records to their VAT returns. This must be done by using HMRC approved bookkeeping software. This can include spreadsheets prepared in Microsoft Excel, or similar software, but the key point…Read More

  • May questions and answers

    Newsletter issue - May 2021 Q. I am newly VAT-registered (voluntarily). I believe that I will usually need to pay VAT to HMRC each quarter, rather than receiving a refund. However, I have some concerns about running up arrears in case I experience cash flow problems. Can I ask to complete monthly returns and pay…Read More

  • May Key tax dates

    Newsletter issue - May 2021 1 - Due date for payment of Corporation Tax for accounting periods ending 31 July 2020 5 - Quarterly employment intermediaries report required for quarter ended 5 April 2021 for organisations that pay people but do not operate PAYE for, e.g. recruitment agencies 7 - Electronic VAT return and payment…Read More

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