July Update 2021 Hello everyone
Welcome to our July 2021 tax tips and business newsletter - If you are heading off for a holiday in the coming weeks hopefully you'll be blessed with blue skies as pictured here. Being in business, particularly if it is your own, can feel at times a bit relentless so book yourself a break if you can!
If we can further support you and your business in any way please do let us know - we are here to provide advice and help. We offer business planning sessions and reviews so book a chat with us if you'd like to find out more.
Stay safe and keep in touch (or send us a postcard)..
Steve, Martin, Kate, Anna and the team
Photo by Claire Smith on Unsplash
P11d's for 2020/21 COVID19 considerations The P11D filing deadline for 2020/21 is 6 July 2021. Usually, this is a routine exercise in most cases. However, due to COVID19, some additional consideration may be required this time round. HMRC have published guidance regarding certain items that need some thought because of the pandemic. Property CGT - avoid reporting traps Since April 2020, UK-resident taxpayers have been required to report gains on residential property, and make a payment on account of the tax due, within 30 days of completion. One of the key features of the reporting regime is that this 30-day reporting is only required where tax is due, but there are pitfalls to avoid.. VAT registration delays Due to COVID19, some businesses are experiencing long delays in obtaining a VAT number after submitting the registration form. HMRC acknowledged the delays earlier this year and have asked businesses to be patient whilst the backlog is worked through. However, a business that is new to VAT may be confused about what they need to do in the interim. |