As lockdown is being eased and opportunity to holiday opens, we felt it might be useful to set out bank holiday dates for the UK regions for the rest of this year.
England and Wales - 2021
Spring bank holiday
Summer bank holiday
Taxing your car11/05/2021
The instructions to tax your car on the GOV.UK website is reproduced below:
To tax your car, motorcycle or other vehicle you will need to use a reference number from:
a recent reminder (V11) or ‘last chance’ warning letter from DVLA
your vehicle logbook (V5C) - it must be in your name
the green ‘new keeper’ slip from a logbook if...Read more...
Reminder to look out for tax credit renewal packs06/05/2021
HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. The packs are being sent out over the next 6 weeks and should be with recipients by 4 June 2021.
A renewal is required if the pack has a red line across the first page...Read more...
Mobile phone exempt costs06/05/2021
When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to employees and reimbursement of employee’s own phone costs.
As a rule, the provision of one mobile phone to a director or employee for private...Read more...
COVID support grants that are taxable06/05/2021
We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated as taxable income in the same way as other taxable receipts. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax.
This treatment extends to the Self-Employment...Read more...
CIS – types of work and businesses affected06/05/2021
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry.
The CIS covers all construction work carried out in the UK, including jobs such as:
Exceptions to...Read more...
Impact of residence and domicile06/05/2021
HMRC’s online guidance note for residence, domicile and the remittance basis: RDR1 is intended for UK residents and non-residents and covers the residence, domicile and remittance basis rules from 6 April 2013 and onwards.
For most taxpayers, it will be clear whether they are resident in the UK. However, for taxpayers with complex...Read more...
Cryptoassets for individuals - taxes that apply 06/05/2021
In most cases, individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to make purchases. They will be liable to pay Capital Gains Tax when they dispose of their cryptoassets.
exchanging tokens for a different type of cryptoasset
Debt respite scheme launched05/05/2021
A new scheme, aptly named Breathing Space, was launched 4 May 2021.
Breathing Space will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts.
Under the scheme, people will be given legal protections from their creditors for 60 days,...Read more...
Tax Diary May/June 202129/04/2021
1 May 2021 - Due date for Corporation Tax due for the year ended 30 July 2020.
19 May 2021 - PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021).
19 May 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2021.
19 May 2021 - CIS tax...Read more...