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Tax Diary August/September 2021

29/07/2021

1 August 2021 - Due date for Corporation Tax due for the year ended 31 October 2020. 19 August 2021 - PAYE and NIC deductions due for month ended 5 August 2021. (If you pay your tax electronically the due date is 22 August 2021) 19 August 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2021. 19 August...

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Reforming statutory sick pay

29/07/2021

Following its summer 2019 consultation entitled “Health is everyone’s business: proposals for reducing ill health-related job loss”, the government has now published its response which takes into account the impact of the coronavirus pandemic on work and health. The response confirms that the government: will not be...

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SEISS – more red tape

29/07/2021

Government support to the self-employed through the Self-Employment Income Support Scheme (SEISS) is due to end on 30 September 2021. A fifth and final grant covering the period May 2021 to September 2021 will be opened to claims from late July for those who have suffered a significant reduction in trading profits. To qualify for the...

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Tax-free gains on gifts to spouse or charity

29/07/2021

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated based on...

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Who pays Inheritance Tax?

29/07/2021

Inheritance Tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40% on death and 20% on lifetime gifts. IHT is payable at a reduced rate on some assets if 10% or more of the 'net value' of their estate is...

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Turnover defined for 5th SEISS grant

29/07/2021

HMRC has published new guidance to help the self-employed calculate their turnover for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) grant. The final date for making a claim for the 5th grant will be 30 September 2021. The figures will be used to compare turnover in the pandemic year from April 2020 - April...

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Who counts as CIS contractor or sub-contractor?

29/07/2021

The Construction Industry Scheme (CIS) is a set of special rules that affect tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and will need to be aware of the tax implications of the scheme. Under the CIS, contractors are...

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Continuous employment defined

29/07/2021

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights. One of the issues that must be considered is the employees’ length of continuous employment. Continuous employment is calculated from the first day of work without a break. The length of continuous employment gives...

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National Minimum Wage reminder for summer staff

22/07/2021

We would like to remind any students and seasonal staff that work part time, for example in a summer job, to ensure they are being paid the National Minimum Wage (NMW). All workers are legally entitled to be paid the NMW. This includes temporary seasonal staff, who often work short-term contracts in bars, hotels, shops and warehouses over...

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Inheritance Tax Business Relief

22/07/2021

There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who has died. One of these reliefs is known as Business Relief and is a valuable tax relief for taxpayers with business interests, offering either 50% or 100% relief from IHT on the value of the business assets if certain...

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Tax if you divorce or separate

22/07/2021

If you are a couple that is getting separated or divorced, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax consequences of the break-up are carefully considered. Whilst Income Tax does not automatically...

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Income excluded from a property business

22/07/2021

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will be...

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Rent-a-room: letting as office accommodation

22/07/2021

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. Homeowners using this scheme should ensure that rents received from lodgers during the tax year do not exceed £7,500. The tax exemption is...

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Taxis: what is liable to VAT

22/07/2021

HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car trade. VAT Notice 700/25 - How VAT applies to taxis and private hire cars - applies. Private hire cars include mini-cabs. The notice is relevant if you are: a driver who owns or rents a vehicle (an owner driver) the owner of a...

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Updated working safely guidance to apply from 19 July 2021

22/07/2021

With England having moved to step 4 of the roadmap out of lockdown from 19 July 2021, the government has published updated guidance on working safely during coronavirus. The guidance, which is to be kept under review, has been re-categorised into the following six sector-specific guides: construction and outdoor work events and...

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New COVID-19 vaccination guidance for employers

22/07/2021

Public Health England has published a new guide for employers on COVID-19 vaccination. The guide encourages employers to support the government’s COVID-19 vaccination programme and it covers the following subjects: why supporting vaccination of employees against COVID-19 is important what employers can do to support the vaccination of...

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Card security update

19/07/2021

VISA have issued information regarding changes to card processing security from September 2021. The idea is to reduce online fraud. The changes will apply across Europe. A key part of the new security arrangements is the requirement for Strong Customer Authentication (SCA). This means you may be asked to provide additional information...

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Stage 4 COVID roadmap implemented 19th July

15/07/2021

The Prime Minister, Boris Johnson, spoke to the nation and confirmed that the vaccines have significantly weakened the link between coronavirus cases and hospitalisations and deaths. This has allowed the government to confirm that many COVID restrictions will be lifted in England on 19 July, known as Freedom Day. The main changes will...

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CONTACT US

Bath Office
6 Gay Street
Bath
BA1 2PH
Tel: 01225 445196

Salisbury Office
Suite1, 24-25 Barnack Business Centre
Blakey Road
Salisbury
SP1 2LP

Email: enquiries@berkeleybate.co.uk

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Registered Name: Berkeley Bate Ltd Registered Company no: 7581153 Registered in the UK 
Registered Address: – Suite 1, 24-25 Barnack Business Centre, Blakey Road, Salisbury, SP1 2LP
VAT Registration No: 109 8958 67 16