1 January 2020 - Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 - PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically the due date is 22 January 2020) 19 January 2020 - Filing deadline for the CIS300 monthly…
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Keeping business records if self-employed
Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 - for 5 years after the 31 January 2021 submission deadline. This means that you will need to retain your 2019-20…
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Spousal CGT tax advantages
It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership. Note that from 2 December 2019, the Civil Partnership (Opposite Sex Couples) Regulations 2019 came into effect in England and Wales allowing opposite sex couples to enter…
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In Business? Add these to your new year resolutions
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 2019 is a must-do. Please use the following notes as a check list when…
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What now?
Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts. Brexit Business readers with any sort of trading platform with the…
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Minimum wage rates increase from April 2020
Businesses that have a significant number of staff paid at Minimum Wage or National Living Wage rates should take note that from April 2020 the rates are increasing. In more detail the changes announced 31 December 2019 are: Annual pay rise of up to £930 for a full time worker. National Living Wage (NLW)…
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HMRC reflects on 2019 successes
Not all penalties levied by HMRC are civil, many cases are serious enough to warrant a criminal investigation. The first post in the “money” section of the gov.uk website in 2020 reflects on this. The title of the post is a give-a-way: “Busted! HMRC reveals biggest criminal cases of year 2019” In what could be…
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High Street funding announced
High Street rejuvenation funding announced The first 101 places to benefit from up to £25 million each from the Future High Streets Fund were announced over summer. In the latest step of the £3.6 billion investment in towns and high streets, 20 pilot areas across England will lead the way in rejuvenating town centres with…
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Still time to file your tax returns
The deadline to file your 2018-19 tax returns is fast approaching, the 31 January 2020. Most of our clients will have the reassurance that we have filed their returns online, but for those who still need to file their 2019 return, it’s time to get into action. If you file after 31 January 2020 late…
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Too little, too late?
On 13th December, the Department for Business, Energy and Industrial Strategy in collaboration with Office for Product Safety and Standards, issued a cautionary warning to consumers buying toys this Christmas. Leaving aside the late publication of this information – not all of us are last-minute shoppers - it is worth reproducing the twelve points that…
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