December News Update 2020
Welcome to our December tax tips and news. If you have questions regarding the current situation for you and your business please give us a call for guidance and support. As we fall into the Tier 3 restrictions we are continuing with virtual meetings and phone calls rather than face to face client meetings. Our office is open for dropping off or collecting books and records, but please phone in advance.
We are here to help!
Steve, Martin, Kate, Anna and the team
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Finance Bill 2021
Although there is no official Budget statement this Autumn, HMRC have published details of a series of measures affecting tax. Some of the changes will take place straight away or from April 2021, others are to be consulted on and included in draft Finance Bill 2021. The key announcements are summarised in our articles.
Trader Support Service
The Government is urging businesses to sign up to the Trader Support Service (TSS) before the end of the Brexit transition period.
The new service provides a free-to-use digital platform to help businesses and traders of all sizes navigate the upcoming changes.
Directors' Loan reminder
Cash transactions between a director and a personal or family company are recorded through the director's account. At the end of an accounting period, if the director owes the company money (ie the account is considered overdrawn), and the company is close, there will be tax consequences to consider.
Gift Aid Tax Relief
This year, many charities have been heavily impacted by the pandemic and have struggled to raise funds. Highlighting the prospects of tax reliefs on donations is one way to encourage gifts. Broadly, the government's Gift Aid scheme is designed to help maximise the value of a gift by allowing UK taxpayers to claim relief.
December Q & A
Read our latest Q & A's which this month include stamp duty multiple dwelling relief, a CGT question on an inherited property, and statutory sick pay for a new employee..
December Key Tax Dates
Don't miss anything important - keep an eye on our key dates every month..
Contact us
We have a new secure document portal for our clients to use, OneClick. If you are not already signed up please look out for an invitation soon!
Any questions for our team please do contact us.
01283 741400
