Background In our last bulletin of 18th January, we explained that HMRC would not be extending the filing deadline for 2019/20 Self-Assessment Tax Returns (31st January 2021) despite the ongoing difficulties taxpayers and accountants are facing relating to the coronavirus pandemic. Detail HMRC has today announced that they have changed their stance on this and they have now advised that taxpayers will not...
Private residence, court actions available on separation or divorce
Couples may have experienced the difficulties that can arise when couples separate or divorce. One area where they may need to resolve are the options that courts have to direct ownership of the marital home. The courts can exercise their jurisdiction in the following ways. By recognising an existing equitable interest of the spouse or civil partner who does not have...
Consider online tax payment plans
January is the month that taxpayers registered for self-assessment need to pay their taxes. Usually, this amounts to any underpayment for the previous tax year and a first payment on account for the current tax year. Unfortunately, HMRC will base their payment on account for 2020-21 on the self-assessment liability for the previous tax year, 2019-20. As may traders have experienced...
Muras Matters: 31 January Deadline
The Self Assessment Tax Return deadline for the year ended 5 April 2020 is fast approaching and HM Revenue & Customs (HMRC) have confirmed that despite the current coronavirus pandemic there will be no extension to this year’s deadline. Returns must be submitted online by midnight on 31 January 2021 to avoid penalties being charged. As the 31st falls on a...
Why go digital?
There is a major advantage to recording business transactions digitally; once the basic data has been entered it can be interrogated and represented in endless types of reports. During the present COVID disruption this ability to drill down or summarise data should be used to support business owners in making appropriate decisions. Accounting software, used effectively, will provide you with information...
Business Lock-down summary January 2021
We have prepared the following lists from information published on the GOV.UK website. It sets out which businesses are required to close, and which can remain open during the current COVID lock-down. Those required to close face compounded financial difficulties as their ability to create revenue is at best restricted and in many cases stopped completely. We can help. Please call so...
Muras Matters: The Crown – Return of Preferential Status
From 1 December 2020, HM Revenue & Customs will become a secondary preferential creditor in corporate insolvencies. The government announced at the 2018 Budget that it would be seeking to protect “taxes that are temporarily held by insolvent business”, with legislation enacted in the 2020 finance bill, to give preferential status to certain debts due to HMRC in the event of...
Is your 2019-20 tax return filed?
Readers who have not yet filed their 2019-20 self-assessment tax return for 2019-20 have less than one month to do so. The online filing deadline is 31 January 2021. Could clients reading this article, who have not supplied all the information we have requested to complete their outstanding 2019-20 returns, please contact us with any missing information without delay. We are...
Best wishes for 2021
The turning of the old year into the potential for the new year has usually generated the Happy New Year salutation. And indeed, we do wish our readers all the very best for 2021. But what challenges we face. Will schools reopen, are we facing a further national lock-down, will our already extended business owners be able to ride out the...
Muras Matters: Coronavirus (COVID-19): Furlough Scheme Extension and Claim Deadline Reminder
Background Since this is the first Muras Matters of 2021 we would like to wish everyone a safe, healthy and happy New Year. Shortly before Christmas the Chancellor, Rishi Sunak, announced a further extension to the Coronavirus Job Retention Scheme (CRJS) until the end of April 2021 to coincide with the tighter Covid-19 measures in England. As previously, the government will pay...