business taxation Archives - Page 32 of 76 - Whitefield Tax - Isle of Wight Accountants

Corporation tax to rise – marginal rate relief returns

by Jessica Garbett | Mar 4, 2021 | ACCA, budget, business taxation

Small profit and main rates of CT make a come-back, along with marginal rate relief The chancellor announced the return of the small profit rate and main rate of corporation tax from April 2023. The applicable corporation tax rates will be 19% and 25%. Businesses...

ACCA Year End Planning Tips

by Jessica Garbett | Feb 25, 2021 | ACCA, budget, business taxation, capital taxation, personal taxatation

With self-assessment season over, now it is time to think about year-end tax planning for their clients. Each year seems to bring with it something new and this year is certainly no exception. The main areas of interest this year will centre around taxpayers seeking...

HMRC relax 5% Late Payment Penalty for 28 February 2021

by Jessica Garbett | Feb 19, 2021 | business taxation, Covid19, HMRC, personal taxatation

Self Assessment liabilities are normally due, subject to Payments on Account made, on 31 January after the tax year, and if paid 30 days late carry a 5% surcharge. For example, for 2019-20, Self Assessment Tax and NI was due 31 January 2021 and the 5% surcharge...

HMRC Warning on Loss of Class 2 NI Credits if Deferring Tax or Using Time to Pay

by Jessica Garbett | Feb 18, 2021 | business taxation, Covid19, HMRC, personal taxatation

HMRC have published an advisory for Self Employed tax payers who are not able to pay all of their 2019/20 Self Assessment liabilities by 31 January 2021. “Payment of 2019 to 2020 Class 2 National Insurance contributions “Self Assessment clients who need to...

Averaging profits for farmers

by Jessica Garbett | Feb 1, 2021 | ACCA, business taxation

Farmers and market gardeners in the UK may obtain relief by averaging the profits of consecutive years. Full averaging relief can be claimed where the profits of one tax year are 75% or less of the profits of an adjacent year. Averaging options Finance Act...

Self Assessment Deadline extended for 2019-20

by Jessica Garbett | Jan 25, 2021 | business taxation, Covid19, HMRC, personal taxatation

Its been announced today, 25th January 2021, that HMRC are giving taxpayers an extra month for filing 2019/20 tax returns which were otherwise due on 31 January 2021. However, whilst you won’t be charged a penalty for submitting your return up to a month...

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Corporation tax to rise – marginal rate relief returns

ACCA Year End Planning Tips

HMRC relax 5% Late Payment Penalty for 28 February 2021

HMRC Warning on Loss of Class 2 NI Credits if Deferring Tax or Using Time to Pay

Averaging profits for farmers

Self Assessment Deadline extended for 2019-20

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