Search

News

Tax Diary November/December 2021

28/10/2021

1 November 2021 - Due date for Corporation Tax due for the year ended 31 January 2021. 19 November 2021 - PAYE and NIC deductions due for month ended 5 November 2021. (If you pay your tax electronically the due date is 22 November 2021.) 19

More...

Autumn Budget 2021 - Recovery Loan Scheme

28/10/2021

The Recovery Loan Scheme was launched on 6 April 2021. The scheme currently allows businesses of any size to access loans and other kinds of finance between £1,000 and £10 million. The scheme was originally meant to close on 31 December 2021 but the

More...

Autumn Budget 2021 – Minimum Wage increases

28/10/2021

The Chancellor of the Exchequer, Rishi Sunak confirmed that the government has accepted in full the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2022. This puts the government back on track to reach their minimum

More...

Autumn Budget 2021 - £1 million Annual Investment Allowance

28/10/2021

In the Spring Budget earlier this year, the government announced that the temporary Annual Investment Allowance (AIA) cap of £1 million would be extended until 31 December 2021. The Chancellor, delivering the Autumn Budget revealed that the temporary

More...

Autumn Budget 2021 – Dividend tax rates

28/10/2021

As announced on 7 September 2021, the 1.25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax increases will apply as follows: Basic rate

More...

Autumn Budget 2021 - Creative industry tax reliefs

28/10/2021

The sunset clause for the Museum and Galleries Exhibition Tax Relief (MGETR) was supposed to come into force on 31 March 2022. As part of the Autumn Budget measures, the Chancellor announced that the relief will be extended for another two years to

More...

Autumn Budget 2021 - Alcohol and Tobacco Duty

28/10/2021

As part of the Budget measures the Chancellor announced, to a big cheer, that the planned duty rates on beers, spirits, wines and ciders expected to come into effect from midnight on Budget Day will be cancelled. The Chancellor also announced major

More...

Autumn Budget Summary 27 October 2021

27/10/2021

As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021. But we now have all the details and, as usual, there is much to consider. The

More...

Self-Assessment filing deadlines

21/10/2021

The 2020-21 tax return deadline for submitting your paper Self-Assessment returns was 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a Self-Assessment return will become liable to a £100 late

More...

Claiming tariff quotas to reduce import duties

21/10/2021

Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to imports from specific countries. Most tariff quotas operate on a first come

More...

Transport restrictions eased

21/10/2021

The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate pressures with the supply chain due to lorry driver shortages and other global supply issues. The term cabotage in this context refers

More...

VAT Margin Scheme bad debt relief

21/10/2021

The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period (usually 6

More...

Haulage company charged with loan fraud

21/10/2021

An interesting case has seen a haulage company based in the West Midlands have their operator licence revoked. This followed a public inquiry into the company by the traffic commissioner for the West Midlands. The traffic commissioner found that

More...

Payments received after company is dissolved

21/10/2021

Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as 'bona vacantia' which literally means vacant goods. The bodies that deal

More...

Have you claimed your Child Trust Fund cash?

14/10/2021

Young persons who turned 18 on or after 1 September 2020 may have cash waiting in a dormant Child Trust Fund (CTF) account. This could be as much as or more than £1,000. The actual amount on deposit depends on certain factors. Children born after 31

More...

Letting agencies and the Money Laundering Regulations

14/10/2021

HMRC is responsible for the money laundering supervision of certain businesses including letting agencies. Businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for failing to

More...

Don’t miss out on this tax allowance

14/10/2021

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,220 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse or

More...

What goods are eligible for the margin scheme?

14/10/2021

There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than on the full selling

More...

Cambridge House, 32 Padwell Road

Southampton, SO14 6QZ

023 8057 5900
dp@pandey.co.uk
 www.pandey.co.uk

Cambridge House, 32 Padwell Road

Southampton, SO14 6QZ

023 8057 5900
dp@pandey.co.uk
 www.pandey.co.uk