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...
Scammers posing as HMRC
We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you of hard-earned cash resources. HMRC has recently published a warning to taxpayers about scammers posing as HMRC employees. They said: Self-Assessment customers should be alert to criminals claiming to be from HMRC. The department knows that fraudsters use...
The end is nigh
In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021. The UK’s tax code is predominantly time limited. Any reliefs and exemptions from UK taxes for 2020-21 will mostly expire at the end of the tax year. Accordingly, there is an imperative to review your tax affairs before this date to ensure that...
Strategies for the self-employed
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2020 can have real benefits. For example: If you are self-employed and for the nine months you are predicting lower...
Tax Diary January/February 2021
1 January 2021 - Due date for Corporation Tax due for the year ended 31 March 2020. 19 January 2021 - PAYE and NIC deductions due for month ended 5 January 2021. (If you pay your tax electronically the due date is 22 January 2021) 19 January 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 January...
The transition period has ended
From the beginning of this month the Brexit transition period has ended. Negotiations to secure a trade agreement between the UK and the EU from 1 January 2021, have completed and we have a deal. Readers who import or export goods from or to the EU will now need to face the following challenges in addition to those posed by COVID-19: Exchange...
Concerned about tax payments due 31 January 2021?
UK taxpayers that file a tax return will need to pay a variety of self-assessment tax and NIC liabilities that will fall due at the end of January 2021. They include: · The second payment on account for 2019-20 if deferred when first due 31 July 2020. · Any balance of taxes unpaid for 2019-20 · The first payment on account for 2020-21 The...
Parting shot from the Chancellor
For a man that has admitted he has concerns about the level of government funding committed to the support of businesses during the last nine months, Rishi Sunak’s disclosure last week that he is extending the furlough scheme to the end of April 2021 points to a deepening concern in government that we are not out of the woods just...
Looks like we are heading for a no-deal exit from the EU
If the following criteria apply, this is what our government recommend that you do from 1 January 2021: You: Are British Live and work in the UK Travel to the EU for business reasons Have no plans in the short-term to travel abroad for holidays Do not plan to move to the EU Run and/or own a business in the UK Do not employ EU citizens in your...
Accounting for import VAT on your VAT return
From 1 January 2021, if your business is registered for VAT in the UK, you will need to consider how to treat VAT added to imports from the EU. Accounting for import VAT on your VAT Return means you will declare and recover import VAT on the same VAT Return, rather than having to pay it upfront and recover it later. The...