COMPLIANCE - 07.07.2020
What is a reasonable excuse?
HMRC has updated its guidance on what it will accept as a reasonable excuse for late filing or payment resulting from the coronavirus pandemic. What does the guidance say and how much latitude does it give you?
PENSIONS - 07.07.2020
Pensions auto re-enrolment duties
Many small employers who auto-enrolled staff into a workplace pension for the first time in 2017 are now facing auto re-enrolment. What do you need to know to ensure a pain-free process?
VAT - 07.07.2020
VAT payment holiday is over
Normal service resumed. The VAT payment deferral period ended on 30 June 2020. This means you must pay any VAT due after that date on time or HMRC may apply surcharges. For example, if your VAT quarter ended on 31 May, and you pay your VAT by direct debit, you should have paid HMRC by 7 July. Remember that any VAT payments that have been deferred between 20 March and 30 June should be paid in full by 31 March 2021. If you are unable to pay your VAT on time, contact HMRC and ask for a time to pay arrangement. ...
CORONAVIRUS - CORPORATION TAX - 07.07.2020
Tax return following a delayed start to business
You formed a company in March with the intention of beginning trade immediately. However, this was delayed because of coronavirus. Do you need to notify HMRC and what effect will the delay have on the company’s tax returns?
CORONAVIRUS - VAT - 07.07.2020
VAT trap for private use of company vehicles
In the last few months there’s been little work for two of your employees but they’ve continued to have use of their company vans, including for personal journeys. Does this affect what you need to report on your next VAT return?
EXPENSES - 07.07.2020
More news on homeworking expenses
Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...