News Items
Reporting Covid-19 Support Payments on your tax return
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...
Keeping the Christmas party tax-free
Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the...
A simple guide to Budget 2021
This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It’s an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where...
Legal v illegal dividends
Changed business conditions in light of the Coronavirus pandemic have caused many companies to review their dividend policies not least because the company's financial position may have deteriorated significantly from that shown in its last annual accounts. The...
National Living Wage and National Minimum Wage changes from April 2021
Under the minimum wage legislation, workers must be paid at least the statutory minimum wage for their age. There are two types of minimum wage – the National Living Wage (NLW) and the National Minimum Wage (NMW). From 1 April 2021, as well as the usual annual...
Electric cars from April 2021
For 2020/21, it was possible to enjoy an electric company car as a tax-free benefit. While this will no longer be the case for 2021/22, electric and low emission cars remain a tax-efficient benefit. How are electric cars taxed? Under the company car tax rules, a...
Are you trading?
Lockdown restrictions have forced many businesses to close temporarily. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise some much needed cash in these difficult times. What are the associated tax implications and do you need to...
Leaving the VAT Flat Rate Scheme
The VAT Flat rate scheme is a simplified scheme for smaller businesses. Under the flat rate scheme, VAT-registered traders pay a fixed percentage of their VAT inclusive turnover to HMRC instead of the difference between the VAT that they charge and the VAT than they...