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Accounting for SEISS grants

by | May 19, 2021 | Covid-19, Tax News

We’ve had some queries about how SEISS grants are taxed.  Here is a summary. First they go on your return separately – in box 27.1 if you use the Short SA103, or box 70.1 if you use the full form.  See Tax returns forms updated for Covid grants Secondly,...

Making Tax Digital – What, When and Who?

by | Apr 30, 2021 | Tax News

Making Tax Digital is something that business will be hearing a lot about over coming months. Our newsletter this month focused on MTD.  We’ve shared below what we had to say.  Our newsletter comes out roughly once a month, and is free – so if you would...

Tax returns forms updated for Covid grants

by | Apr 28, 2021 | Covid-19, Tax News

HMRC has updated the tax return forms for 2021 to enable the reporting of Coronavirus Support schemes. The new returns include boxes for Self-Employment Income Support Scheme grants to allow them to be reported separately and crosschecked by HMRC. Self-Assessment:...

ACCA summary of Latest news and updates from HMRC

by | Apr 26, 2021 | Tax News

Latest news and updates from HMRC Catch up on this weeks update from HMRC on CJRS and deferment   The following quick links help navigate through the HMRC site: VAT deferral – apply now to spread your payments further   The VAT deferral new payment scheme is...

Restart Grants – April 2021

by | Mar 18, 2021 | Covid-19

In Spring Budget 2021 the Chancellor announced Restart Grants for certain businesses closed during lockdown. Details were published on 17th March 2021, in the form of Guidance for Local Authorities For Yoga Studios etc this would seem to provide a Grant based on...

Don’t miss the 1 April tax payment deadline

by | Mar 15, 2021 | Tax News

If you benefited from HMRC’s filing extension, make sure you avoid the 5% penalty Around 1.8 million individuals benefited from a hard-fought campaign which encouraged HMRC not to charge a late filing penalty – provided that returns were submitted online by 28...

Ten Year End Tax Tips

by | Mar 8, 2021 | Tax News

The end of the tax year is creeping up on us, although for many people finishing, or at least paying for,  the previous tax year is still a current memory.   This time of year there are often articles in the newspapers about saving tax, but often it seems these...

ACCA – Budget Income tax roundup

by | Mar 5, 2021 | Tax News

Here’s our guide to the changes for 2021, including a personal allowance freeze and Covid-related exemptions  Income tax rates remain unchanged but personal allowance will be frozen for five years Personal allowance will rise to £12,570 from April 2021. It will...