A contractor’s guide to tax planning for the end of the 2020/21 tax year
With the end of the tax year just around the corner, it’s time to start thinking about arranging your tax affairs as efficiently as possible before the new tax year commences on 6th April 2021. Please continue reading for detailed summaries of tax reliefs, allowances and rates that apply to businesses and individuals, and how to maximise them for the remainder of 2020/21.
HMRC is waiving late self-assessment fines
This year, HMRC has said it wouldn’t penalise individuals for filing their self-assessments late. We explain what this means for you and the next steps if you’re due to file a self-assessment by 31st January 2021.
What does Brexit mean for limited company contractors?
The UK left the EU on the 31st December 2020, and you may be wondering what this means for contractors using their limited company outside of the UK? Keep reading and discover what contracting abroad looks like, post-Brexit.
Ruling is made by Supreme Court on the Financial Conduct Authority’s business interruption case
In a much-anticipated verdict, the Supreme Court has made its judgement on the Financial Conduct Authority's (FCA) business interruption (BI) insurance case. And, after delivering their decision in a live stream, the Supreme Court has allowed the FCA's and the Hiscox Action Group's (HAG's) appeal. The outcome is excellent news for BI insurance policyholders because appeals made by six leading insurers have been dismissed. Keep reading and find out more about this landmark case.
Important changes to the January 2021 Self-Assessment Tax Bill
HMRC has recently expanded an online service which now allows more people to set up a payment plan and spread the payment of their January 2021 tax bill over 12 months. You can use the online payment plan to help ease the financial impact you may be facing as a result of the coronavirus pandemic.
The FCSA writes letter to Rishi Sunak asking for more support for contingent workers
Phil Pluck, Chief Executive at the Freelancer and Contractor Services Association (FCSA), has written a letter to Chancellor Rishi Sunak pleading for more support for the UK’s temporary workforce. The letter has been written in response to the support measures that were announced after the UK’s third lockdown was confirmed in early January.
HMRC and ASA join forces to tackle the use of misleading marketing used by promoters of tax avoidance schemes
HMRC and the Advertising Standards Agency have launched a joint initiative to eliminate misleading marketing regularly used by promoters of tax avoidance schemes.
Why should you complete your Self-Assessment Tax Return before the January rush?
January is always a busy month for HMRC as people rush to file their self-assessment tax returns before the 31st January deadline. It is advisable to avoid this busy period and file your tax return as soon as possible.
Can I claim virtual Christmas party expenses through my limited company?
After the unprecedented events of 2020, employer's ability to say thank you to their employees and clients has never been more important. But, with the COVID-19 restrictions in place, companies are having to think of alternative ways to wish employees a happy Christmas and are moving their annual office parties online.
HMRC is warning of the potential dangers of engaging with mini umbrella companies (MUC)
HMRC has issued a warning to contractors, agencies and end-clients to avoid mini umbrella companies (MUC) due to the serious risks they pose. By engaging with mini umbrella companies, contractors are able to increase their pay retention. However, not only are they non-compliant, they can damage the lives of the people who use them, and damage the reputation of the entire supply chain.