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Limited time penalty waivers for your 2020/21 tax return

penalty waivers for 2020/21 tax returns

Didn’t manage to file your tax return by the deadline of the 31st of January?  Don’t panic! To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, penalty waivers will apply for a limited time where the 2021/22 tax return is filed late or where tax … Read more

Paying back a director’s loan – beware of the anti-avoidance rules

paying back a director's loan

Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between the two. However, there are tax consequences for the company if the director owes money to the company and the loan remains outstanding nine months … Read more

Capital gains tax personal allowance

capital gains tax personal allowance

Using your annual exempt amount for 2021/22 All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the annual exempt amount. For 2021/22, the annual exempt … Read more

Tax relief for pre-trading expenses

tax relief on pre-trading expenses

There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading, a business may incur expenditure on items such as: acquiring premises; recruiting staff; buying stock; setting up website; IT costs; advertising and marketing; and travel and subsistence. … Read more

Struggling to pay tax – What should you do?

struggling to pay tax

The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, it is not one that should be ignored. Taxpayers who are within self-assessment will need to pay any … Read more

Reporting Covid-19 Support Payments on your tax return

Covid-19 Support

If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received furlough grants under the Coronavirus Job Retention Scheme, these were liable to tax under PAYE and liable to National Insurance … Read more