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Net Zero Carbon: Does your business now need a plan?
From 1 October 2021, to be eligible to apply for public sector contracts over £5m pa, suppliers must have Net Zero Carbon Reduction Plans in place. These will be required to demonstrate a commitment to achieving Net Zero by 2050 in the UK: Taking Account of Carbon Reduction Plans in the Procurement of Major Government…
Accounts Basis Period Reform – Consultation
Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period. Tax is paid on profits earned in the basis period ending in the tax year in question. However,…
Tax on Cryptocurrency does not have to be cryptic
Within the last 10 years the cryptocurrency scene has exploded from the first decentralised cryptocurrency, Bitcoin, being created back in 2009 to now more than 4,000 different cryptocurrencies being in existence with a total market cap value of over £1trillion. This has led to the creation of the Cryptoassets Taskforce which was announced back…
Deferred tax rate to increase
Deferred tax is a provision on the balance sheet for timing differences in tax and accounting treatment of certain items, and is measured at the rate of tax that the differences are expected to reverse in the future. In recent years, deferred tax has been measured at the current corporation tax rate of 19%,…
Making Tax Digital – the next steps
Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues. So if you are unsure of what to do next, our newsletter has information and advice how to proceed. Don’t delay however as penalties will be introduced if submission deadlines are missed. Making…
Holding residential lettings in a company
There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial. In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…
SEISS for the newly self-employed in 2019/20
HMRC are writing to some individuals who started their sole trade/self-employment in 2019/20 and wish to claim the fourth and fifth self-employment income support scheme grant (SEISS). These individuals will be asked to complete some verification checks to confirm their identity and proof of their self-employment. These individuals should receive a letter from 8th…
HMRC Advisory Fuel Rates
HMRC have issued the new advisory fuel rates (AFR) which come into effect from 1st March 2021. They have increased by 1p per mile for petrol and diesel vehicles with engines of 1400-2000cc reflecting a small increase in fuel prices over the last quarter. The advisory electricity rate for fully electric cars remains…
News: HMRC announce no penalty charge for late Self Assessment
Today HMRC have announced that they will not be charging Self Assessment tax payers a 5% late payment penalty if they pay their tax, or set up a payment plan by 1 April 2021. This year, because of the impact of the COVID-19 pandemic, HMRC is giving taxpayers more time to pay or set…