News & Blog – PMC Partnership – Bexley Accountants

05 Nov

Budget 2021

Please note that the main points from the 2021 budget were ; April 2022 onwards the National Minimum Wage for 23 years of age and upwards rises to £9.50 New reduced hospitality business rates from April 2022, when the lower 12.5% vat rate is due to cease Individuals disposing of properties from 1/11/21 will now have 60 days to declare their capital gain at www.hmrc.gov.uk Retention of the £1million Annual Investment Allowance (AIA) for 2022/23

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10 Sep

New National Insurance rate

To help pay for the NHS and social care from April 2022 1.25% will be added to all National Insurance rates – employee, employer and dividend tax. From April 2023 this will show as a seperate item on your payslip or tax return

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06 Aug

Furlough & company Accounts

All companies that have received furlough payments MUST file company accounts for these relevant years. HMRC will be checking payments have been made to active companies and that the relevant accounts for the period have been filed

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23 Jul

Limited companies, Tax, dividends, National Insurance

The best way to pay yourself is through your own Limited company. You go on your own payroll which reduces company tax and then top up your personal income each month with a dividend paid from profits. This dividend is free of National Insurance (NI) and taxed at a lower rate than normal income. You should always check that your NI is fully up to date at hmrc.gov.uk.

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08 Jul

Paying tax online

Go to www.tax.service.gov.uk/pay – pick what tax you wish to pay, do not sign in, insert your reference for that particular tax and then pay by card or bank transfer. If you wish to still pay by cheque you can forward an HMRC payable cheque via your Accountant. If you cannot pay your taxes on time you need to telephone HMRC on their time to pay help line on 0800 0159 559 and discuss payment terms.

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25 Jun

Furlough – beginning of the end

From 1st July the furlough scheme begins to unwind. Even though an employee must still be paid at least 80% of their wages, the employer can only claim 70% back from the government, reducing to 60% for August and September. The furlough scheme then closes on the 30th September 2021.

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21 May

Work from home tax allowance

If anyone has had to work from home during the 20/21 tax year for even one day, HMRC are allowing you to claim £6 per week for every week as an allowable expense, saving the basic rate tax payer £62 in tax. This should be claimed via your personal 2021 tax return.

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07 May

Directors Loans

Directors Loans – If a director takes non PAYE wages from a Limited company either as a loan or if the profits are not there to pay a Dividend, then the Director has received a loan. If the loan was greater than £10,000 and the loan is not repaid within 9 months of your year end, then the company is taxed at 32.5% on the outstanding loan and the Director is taxed as having taken a Dividend. A Directors loan [...]

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23 Apr

20/21 work from home tax relief

Due to Corona virus restrictions anyone forced to work from home can claim £6 per week tax relief from their earnings via their self assessment tax return

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09 Apr

Self assessment penalties

Remember there is a 5% unpaid tax surcharge if your personal tax remains unpaid at the end of February, July and the following January. There is also a £10 daily penalty if your personal tax return is not filed by 30th April of the following year up to a maximum £900. There is then an additional 5% or £300 (whichever the greater) charged if your tax return is still not filed by the end of July and again by [...]

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