Monthly Archives: January 2021

It is possible that your estate will pay no IHT on the valuation of any business assets. The amount of relief available depends on the type of assets held at death. Your estate may be able to claim 50% or possibly 100% relief. You can get 100% Business Relief on: a business or interest in…

Government have set out a list of six actions that all businesses who continue to trade with EU customers or suppliers should complete now that the formal transition has ended.. The list is: Goods - if you import or export goods to the EU, you must get an EORI number, make customs declarations or employ…

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…

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,…

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…

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…

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…

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…

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…

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…