Chancellor Rishi Sunak has unveiled a three-part plan for the economy, including protecting jobs and businesses, rebuilding the economy and recouping public finances. Continue reading to discover the Chancellor’s key announcements delivered in the 2021 Budget.
The Loose Women host was facing an estimated £124,000 tax bill for contracts held with the BBC between 2015 and 2017, with HMRC arguing that Adams was not a freelancer and should have been operating inside IR35. However, the Upper Tier Tribunal upheld the original decision, made by the First-Tier Tribunal in 2019, which found Adams to be working outside of IR35.
Businesses that deferred VAT payments last year can now join HMRC’s new online VAT Deferral Payment Scheme, allowing you to spread the payments over smaller, more manageable monthly instalments.
HMRC has announced that taxpayers will not be charged the 5% late payment penalty if they pay their tax bill or set up a payment plan by the 1st of April 2021.
Salary sacrifice is a great way to increase the amount you pay into your pension pot – by saving for your retirement in a tax-efficient manner. Continue reading to discover the benefits of using salary sacrifice, and to find out if it’s available to umbrella company employees.
The pressures of COVID-19 have understandably affected many individuals’ ability to file their self-assessment tax return by the 31st January 2021 deadline. HMRC has confirmed that approximately 1.8 million people have missed the filing deadline. Don’t worry, if you missed the deadline HMRC has issued necessary guidance about the next steps to take to file your tax return.
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.
As a result of the coronavirus pandemic, working from home has become the new ordinary. Many people have swapped their office desk for their kitchen table and may be considering the possibility of a garden office to make working from home more comfortable. Continue reading to discover whether your limited company can pay for your garden office.
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.
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.