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.
National Living Wage April 2021
From April 2021 the National Living Wage replaces the National Minimum Wage for employees aged 23 and over.
HMRC installment plan
HMRC have announced that all 2020 personal tax owed, less than £30,000, may be paid over a year by monthly installments, penalty free if you contact them and agree the plan before 31st March 2021.
Reverse vat charge 1st March
From 1st March all vat registered CIS registered companies will be paid net of VAT by their contractors.
Christmas tax relief
HMRC allows a company to claim £150 per employee in tax relief for a christmas party or meal.
Directors loans and Taxation
If you withdraw more money from your Limited company than there are profits, this is known as a Directors loan.