COVID sick pay rebate scheme ends on 30 September 2021

To support employers during the pandemic the government legislated to allow certain small and medium size employers to reclaim some, or all, of their SSP costs from HMRC via the SSPRS.

Under the new regulations, employers will not be able to reclaim SSP from 30 September 2021 and any claims relating to periods prior to that date must have been filed by 31 December 2021.

National Insurance & Dividend Tax Increase

A new tax will begin next April, initially as a 1.25% increase in National Insurance & Dividend Tax.
From 2023, it will be legislated separately as a “health and social care levy” and NIC rates will return to 2021/22 levels.

Super Deduction Allowance

From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim a 130% super-deduction capital allowance on qualifying plant and machinery investments including commercial vehicles.

Due to the limited time frame available you need to plan carefully when deciding the best time to invest in the next couple of years.

Are you taking advantage of the MARRIAGE ALLOWANCE?

This year, 2021/22 the transferable allowance increases to £1,260.
This entitles you up to a £252 tax saving during the tax year.
HMRC are still allowing backdated claims for the previous four tax years which could be worth up to £1,220.

Government announces simplified tax reporting for self-employed and small businesses

Reforms to the tax system that will make it easier for small businesses to fill out their returns have been announced by the government today (20 July 2021).

Read more on the Goverment Web Site here

Are you aware of the Pay As You Grow options?

Pay As You Grow (PAYG) will enable businesses who are due to start repaying their Bounce Back Loans to:
Request an extension of their loan term to 10 years from six years, at the same fixed interest rate of 2.5%
Reduce their monthly repayments for six months by paying interest only. This option is available up to three times during the term of their Bounce Back Loan
Take a full repayment holiday for up to six months. This option is available once during the term of their Bounce Back Loan
Borrowers can use these options individually or in combination with each other.

Huge congratulations to Lucy here at Dalton Pardoe for passing her AAT Advanced Diploma in Accounting (Level 3).

We all know how hard Lucy has worked to achieve this and she fully deserves it.

One more to go!!


P11D Deadline - 6th July 2021

All P11Ds and P11D(b) for 2020-21 are due to be submitted to HMRC and copies of P11Ds should also be provided to employees by 6th July

Changes to the Coronavirus Job Retention Scheme from July 2021

From 1 July 2021, employers are required to contribute 10% of the 80% minimum with the government contributing the remaining 70% (capped at £2,187.50 per month).

Vat Deferral Deadline Approaching!

You have until 30 June 2021 to repay the VAT or arrange to pay in instalments.
If arrangements are not made by this date, businesses incur a penalty of 5% and/or interest, chargeable in relation to the amount of the deferred VAT that remains outstanding.

Making Tax Digital

is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

From April 2022, the programme will be extended to all VAT registered businesses with turnover below the VAT threshold.

From April 2023, it will apply to taxpayers who file income tax self-assessment tax returns for business or property income over £10,000 annually.

Making Tax Digital for Corporation Tax and will not mandate its usage before 2026.