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December 2020

Tax Diary December 2020/January 2021

Important dates for your tax diary in December 2020 and January 2021.

Self-Assessment filing deadline draws near

Those who have still not submitted all of their self-assessment filing information will need to complete their 2019-20 tax return as soon as possible as the 31 January 2021 moves closer.  

More on extended furlough scheme

Most employers who are eligible will be aware that the furlough scheme (the Coronavirus Job Retention Scheme) has been extended up until 30 April 2021.

How to stop the Taxman from attending your Virtual Christmas Party

This tax exemption is going to be applied in the same way that it would normally apply for traditionally held parties, thus meaning that food, entertainment, equipment and any other expenses that may come with holding a virtual Christmas Party will be exempt from being taxed. This is subject to the normal conditions that would normally apply being met. 

Customs changes from 1 January 2021

Many smaller businesses will not have the resources to train and employ their own customs clearance staff in which case you may have to consider using a customs agent or broker. 

£1,000 Christmas grant for wet-led pubs

Prime Minister Boris Johnson has announced an additional £1,000 grant for “wet-led pubs” in tiers 2 and 3 who will unfortunately not have the opportunity to open or operate fully during the Christmas holiday period. 

Postponed VAT Accounting

What is postponed accounting? Postponed accounting means that the importer does not pay import VAT when goods arrive at a port or airport instead the VAT is deferred.

CJRS Claims deadline

With the nationwide lockdown coming to an end and tiers being re-introduced there are a lot of changes happening which may distract you from upcoming business support deadlines such as the CJRS Claims Deadline.