Tax Diary September/October 2021

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1 September 2021 – Due date for Corporation Tax due for the year ended 30 November 2020.

19 September 2021 – PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your tax electronically the due date is 22 September 2021)

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Reporting travel and subsistence benefits

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There is no requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which can no longer be applied for.

The travel and subsistence benefits

Covering pension contributions with unused allowances

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The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. This means that if your income is in excess of £240,000 you will usually begin to see your £40,000 annual allowance

Recovering VAT on car purchases

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There are complex VAT rules that determine how you can recover VAT on car purchases. The usual fallback rule is that if you purchase a car for your business then no VAT can be reclaimed.

The main exception to this rule is if the new car is used

VAT capital goods scheme overview

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The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable

Corporation Tax loss buying

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Under qualifying circumstances, Corporation Tax (CT) relief is available where a company makes a trading loss. The trading loss can be used to claim CT relief by offsetting the loss against other gains or profits of a business in the same or previous

Rental business – post cessation transactions

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There are special rules for the taxation of post-cessation transactions after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt is the person who is subject to Income Tax or

Postmasters’ bankruptcies reviewed

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The recent Court of Appeal and Crown Court decisions to quash the convictions of many former postmasters was widely welcomed. The Courts found that the original convictions were based on evidence from the Post Office’s Horizon IT system which has now

The Help to Grow Management scheme

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The Help to Grow: Management course is a government backed programme to help business leaders develop their strategic skills, create jobs and boost their business performance.

The 12-week programme is delivered by over 40 leading business schools

Bona Vacantia – dissolved companies

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The final step in bringing a company to a legal end is when the company is dissolved. However, one of the important points to be aware of when doing so is that the dissolved company can no longer do or receive anything including receive a tax refund.

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