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April 2021

Gift Aid – Be cautious if your income has dropped

The tax that is claimed back by the charity is funded by the tax paid by the donor. This is only applicable where the donor has paid more tax in the year than is claimed back by charities and community amateur sports clubs on donations. Problems can arise if the donor’s income falls, such that they are not classed as a taxpayer or pay less tax than is claimed back on the donation.

TAX DIARY MAY & JUNE 2021

Important dates for your tax diary in May and June 2021.

Advisory Fuel Rates for company cars until 1 June 2021

HMRC recently released the Advisory Fuel Rates (AFR). The AFR will only affect company car users and will last until 1 June 2021 when the next quarter's rates will be applied.

Webinar: Moore ClearComm: An Overview of Cyber Security & Our Latest Pulse Survey Results For the Education Sector

On the 26th April 2021 at 1.30pm we will team up with Moore ClearComm to provide a webinar on cyber security. At this webinar we will also provide our latest pulse survey results for the education sector. 

XERO LAUNCHES MULTIFACTOR AUTHENTICATION

During the course of this year, all Xero users will have to set up multifactor authentication to meet the changes. Xero users are able to choose between two different authentication combinations, for example your email address and password, with something that has an authenticator app, like a tablet of smartphone. 

The benefits of filing your online VAT returns with Making Tax Digital

Any VAT registered businesses who are not already signed up to MTD, HMRC will gradually migrate onto their new ETMP platform in stages during 2021, in advance of MTD for VAT becoming mandatory from April 2022. 

Tax Diary April & May 2021

Important dates for your tax diary in April and May 2021.

Small Business Brexit Support Fund

Since 15 March 2021, smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. 

Furlough scheme changes from 1 July 2021

The government has confirmed its intention that furloughed employees will be paid 80% of their wages for hours not worked under the furlough scheme. 

Temporary extension of loss relief carry-backs

The policy aims to provide a cash flow benefit to businesses by providing additional relief for trading losses, thereby generating repayments for tax paid for two additional years.

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