: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/customer/www/lucrafts.co.uk/public_html/components/com_newsfeed/newsfeed.php
on line 16
HMRC’s Annual Tax Summary
03/12/2020 – The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government.
The Annual Tax Summary shows:
your taxable income from all sources that HMRC knew about at the time that it was prepared
the rates used to calculate your Income Tax and National Insurance contributions
a … More...
Pay January tax by instalments
03/12/2020 – The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year. … More...
Confirmation of Minimum Wage increases 2021
03/12/2020 – The Chancellor used the recent Spending Review to confirm that increased National Minimum Wage and National Living Wage rates will come into effect on 1 April 2021.
From 1 April 2021, the National Living Wage will increase by 19p to £8.91. This represents an increase of 2.2%. The National Living Wage currently applies to those aged … More...
EU exit - did you read this letter?
03/12/2020 – The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma has written a letter to businesses in the professional services sector. The letter (available in English and Welsh) provides tailored advice on what key actions businesses must take after the transition period ends on 31 December 2020.
The UK government … More...
Deadlines for paying deferred VAT
03/12/2020 – The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020.
There are two options available for repaying this VAT.
The first option is to pay the deferred VAT in full on or … More...
New advisory fuel rates published
03/12/2020 – Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A … More...
Treasury directive re third SEISS grant
03/12/2020 – HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the SEISS from 1 November 2020 to 29 January 2021, officially referred to as the SEISS Grant … More...
Accounting and Reporting standards from 1 January 2021
03/12/2020 – The Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) have jointly published a letter to the accounting and audit sectors setting out the UK’s legal framework for accounting and corporate reporting at the end of the transition period on 31 December 2020.
The information in the … More...
Recent case re late filing appeal
03/12/2020 – The First-tier Tribunal (FTT) has dismissed a taxpayer’s appeal for having a reasonable excuse. The taxpayer applied out of time for permission to appeal against penalties imposed by HMRC. The appeal was in relation to late payment penalties imposed on the taxpayer for failing to submit annual Self-Assessment returns on time for the … More...
Supply chains, a predictive approach for 2021
02/12/2020 – One of the more positive aspects – perhaps the only positive aspect - of COVID disruption has been the movement away from fixed systems to more flexible systems to cope with the changing demands of lock-down.
Who would have predicted a year ago that many of us would grow accustomed to working from home plus having to deal with … More...