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Tax Tips and News

  • Latest news round up

    Newsletter issue - April 2021 Budget The Budget finally took place on 3 March 2021. None of the speculated tax changes, e.g. raising CGT came to pass, although the main rate of corporation tax will increase in 2023. Several allowances, such as the personal allowance and CGT annual exempt amount have been frozen until April…Read More

  • Loss relief extension

    Newsletter issue - April 2021 The Budget saw an announcement that the loss relief provisions available to both unincorporated business and companies are to be temporarily extended. There are differences in the way this will operate between the two types of business vehicle. Unincorporated businesses The affected rules are those in ITA 2007, s. 64,…Read More

  • Dealing with an overdrawn Directors Loan Account

    Newsletter issue - April 2021 Many companies use 31 March as the accounting reference date. As such, now is a good time to review the position of directors' current accounts for close companies. It is a common misunderstanding that if the company charges a commercial rate of interest on any loan made to the participators…Read More

  • Tax relief for loans used for businesses

    Newsletter issue - April 2021 There has been an unprecedented amount of support for businesses struggling due to Covid-19. However, back at the start of the crisis there were delays in the various schemes being set up. Additionally, a high number of newer businesses were completely ineligible. Many company owners used personal borrowings to help…Read More

  • April questions and answers

    Newsletter issue - April 2021 Q. Our company uses the cash accounting scheme. We've lost a lot of trade as a result of Brexit and Covid-19 and we're looking to sublet part of our warehouse. We have opted to tax this. We want to raise a single invoice at the end of each financial year…Read More

  • April Key tax dates

    Newsletter issue - April 2021 1 - Due date for payment of Corporation Tax for accounting periods ending 30 June 2020 5 - Last day of 2020-21. Also a bank holiday (Easter Monday), so keep in mind if looking to utilise tax planning that is date sensitive, e.g. transfers into ISAs, Lifetime ISAs, pension plans…Read More

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