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.
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.
Remember there is a 5% unpaid tax surcharge if your personal tax remains unpaid at the end of February, July and the following January.
From April 2021 the National Living Wage replaces the National Minimum Wage for employees aged 23 and over.
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.
Budget 2021 Main points.
If you receive an automated phone call from HMRC asking you to pay tax please ignore as these are SCAM calls.
From 1st March all vat registered CIS registered companies will be paid net of VAT by their contractors.
The deferred VAT payment from last March-June, must be paid by 31/3/21.