4th June 2021 – Hillmans Weekly Update

Below I have summarised all the main tax related updates we have seen this week.

• Self-Employment Income Support Scheme (SEISS) Fifth Grant Update
• Not all benefits need to be reported on form P11D
• The cost of Covid-19 and how this will affect your business
• VAT deferral monthly payment scheme closing soon

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a great weekend.

Stay safe and well.

Cheers,

Steve

Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100

Not all benefits need to be reported on form P11D

Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline.

Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee's duties. Dispensations from reporting are no longer required, although HMRC would expect internal controls to be in place.

Note also that trivial benefits of no more than £50 provided to employees need not be reported. This typically covers gifts to employees at Christmas and on their birthdays.

Weekly Update 24.04.2020

Weekly Update 24.04.2020

Below I have summarised all the main tax updates we’ve seen this week from HMRC.

•    HMRC Online Service Now Open for Coronavirus Job Retention Scheme
•    Coronavirus Future Fund for tech start-ups
•    Coronavirus and VAT 
•    Turn2us Benefits Calculator

As always if you need any support or advice please don’t hesitate to contact me.

Have a great weekend!

Turn2us Benefits Calculator

Turn2us is a national charity helping people when times get tough.

Their website has a very useful Benefits Calculator to find out which welfare benefits you may be entitled to.

Visit https://www.turn2us.org.uk/ for more information. 

Autumn Statement 2014

Summary

The Chancellor of the Exchequer pulled out a few surprises in his Autumn Statement. The most eye-catching is the reform of stamp duty land tax (SDLT), which is payable by purchasers of land and property. The changes should reduce the SDLT payable on 98% of transactions which complete from 4 December 2014 onwards.

Small businesses should be pleased with the £1,500 business rate discount for small high street shops, cafes, pubs and restaurants. All employers will benefit from the zero rate of employers' national insurance for workers aged under 21, which is to be extended to apprentices aged under 25 from April 2016.