Feb 15

10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns

HMRC has revealed that more than 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns by the 31 January deadline. The remaining 1.8 million whose tax return is now late will not be charged a late filing penalty provided they submit their return online by 28 February. Taxpayers who did not pay their Self […]

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Jan 11

HMRC and Advertising Standard Authority launch new action to disrupt promoters of tax avoidance schemes

HMRC and the Advertising Standards Authority (ASA) have launched a new joint enforcement notice to cut out misleading marketing by promoters of tax avoidance schemes. The joint enforcement notice aims to disrupt the activity of promoters and protect individuals from being presented with misleading adverts which may tempt them into tax avoidance. The enforcement notice […]

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Check if you can claim a grant through the Self-Employment Income Support Scheme

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for the third. To make a claim for the third grant the taxpayer’s business must have had a new or continuing impact from coronavirus between 1 […]

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Institute of Directors warns Capital Gains Tax (CGT) rise would adversely affect entrepreneurs

The Institute of Directors (IoD) has warned the government that a rise in CGT would affect Britain’s entrepreneurial spirit. The business group believes CGT could be targeted by the Treasury and increased in order to help put public finances back on a stable footing following the coronavirus (COVID-19) pandemic. Tej Parikh, Chief Economist at the […]

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VAT Deferral

HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make. HMRC is advising taxpayers who deferred their VAT payments to: pay the deferred VAT in full on or before 31 March 2021 or opt in to the VAT deferral new […]

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Chancellor announces £4.6 billion lockdown grant package

Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown. UK businesses in the retail, hospitality and leisure sectors are to be given one-off grants worth up to £9,000. The payments are expected to support 600,000 business properties across the UK. A further £594 million […]

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Self assessment deadline approaching

The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities. […]

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Extension of the Job Retention Scheme

Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021. Businesses adversely affected by the coronavirus (COVID-19) can make use of the CJRS until the end of April, with the government continuing to pay 80% of employees’ salaries for hours not worked. Employers will only be required to […]

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Jan 06

Beware COVID Vaccine Scam

Dear All/Annwyl Pawb For your attention, please see below details of a scam relating to the Covid-19 vaccine. Residents at risk of being scammed over COVID-19 vaccine. Dyfed Powys Police Economic Crime Team has become aware that criminals have been sending texts and emails attempting to lure people to apply for the COVID-19 vaccine. DC […]

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Happy New Year Covid 19 support update

A Happy New Year to all. With the elevation of concerns over Covid-19, we have decided to do a brief New Year’s message on those things that businesses and individuals may want to think about given the current Tier 4 in Wales and new Tier 5 in England. There will be an additional financial impact […]

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Dec 07

£1 million Annual Investment Allowance cap extended

The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy. The AIA provides a tax write off against profits for expenditure incurred on plant and machinery by businesses and owners […]

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HMRC confirms MTD for corporation tax to be mandated from 2026

In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how the principles created for MTD could be established for companies within the charge to CT. It outlines the potential design of the MTD for CT […]

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Self assessment taxpayers warned to watch out for scammers posing as HMRC

HMRC is warning self assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline. Every year HMRC issues thousands of SMS messages and emails as part of its push to remind people to file before the 31 January deadline. HMRC says […]

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Advisory fuel rates for company cars Dec 2020

New company car advisory fuel rates have been published and took effect from 1 December 2020. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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Minimum Wage Increases from April 2021

Increased minimum wage rates have been announced to take effect from 1 April 2021. The government has announced that the National Living Wage (NLW) will increase by 2.2% from £8.72 to £8.91, and will be extended to 23 and 24 year olds for the first time. For workers aged under 23, Commissioners recommended smaller increases […]

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Gifts to employees can be tax-free

Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that the benefits provided are exempt and do not result in a reportable employee benefit in […]

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Virtual Christmas parties will qualify for tax exemption

HMRC has confirmed that they will accept a virtual Christmas party as an event that is capable of falling within the tax exemption rules for annual functions. The Association of Taxation Technicians (ATT) has received the following statement from HMRC: ‘Having considered the scope of section 264 ITEPA03 (annual parties exemption), we are pleased to […]

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Get prepared for the end of the Brexit transitional period

It is time to prepare for the end of the Brexit transitional period. Whilst the United Kingdom officially left the European Union (EU) on 31 January 2020, this prompted the start of an 11-month transitional period during which time the UK remains part of the Single Market, the EU Customs Union and the VAT Territory. […]

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Nov 30

The Trussell Trust Coming on Well

With a trip to Aldi in Denbigh and three trollies filled with essentials, together with our team bringing in items, the Sage & Company food collection for the Trussell Trust is coming on nicely. If you would like to contribute towards this with a food donation you can do so by dropping off items at […]

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SIESS Blog-8

Nov 27

Third instalment of the self employed income support scheme (SEISS)

We have received guidance from HMRC regarding the third instalment of the self employed income support scheme (SEISS).  As before if you want to claim this grant you will need to do this yourself as we are not allowed to make this claim for you.  The process to claim similar to the previous SEISS grant […]

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From first going self-employed to starting a limited company, the fantastic accountants at Sage have talked me through the processes and looked after all things accounts-related, leaving me with peace of mind; free to focus on the day-to-day operating of the business. Sage handles everything for me from payroll to tax returns and their service is flawless; when I need something its done; when I need info I get it. All of their staff are friendly, professional, efficient and patient and I couldn’t manage without them.

 

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