Tax planning might not sound like the most exciting way to spend your time, however it could have a significant effect on your finances. As the 2020/21 tax year draws to a close there are multiple considerations for what you can do to utilise your cash before the limitations reset as well as planning ahead for the future.

The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2019 is a must-do.

Employee expenses and benefits – employer reporting requirements
If you’re an employer you  need to submit an end-of-year report to HM Revenue and Customs (HMRC), for each employee and director you’ve provided with non-business expenses or benefits in kind.  The report is made on a form P11d.
 

Employee expenses and benefits – employer reporting requirements
If you’re an employer you  need to submit an end-of-year report to HM Revenue and Customs (HMRC), for each employee and director you’ve provided with non-business expenses or benefits in kind.  The report is made on a form P11d.
 

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

The start of a new year is a fresh thought. It is exciting to think of the new possibilities you may come across, the new faces that you meet at networking events, may eventually become close business connections and the idea of it being a completely new year sparks the opportunity to set new goals. Most of us have one resolution that we put together on 31^st December and it is usually centred on something that we have been putting off for a long period of time: “This year will be the year that I finally get around to....”

The start of a new year is a fresh thought. It is exciting to think of the new possibilities you may come across, the new faces that you meet at networking events, may eventually become close business connections and the idea of it being a completely new year sparks the opportunity to set new goals. Most of us have one resolution that we put together on 31^st December and it is usually centred on something that we have been putting off for a long period of time: “This year will be the year that I finally get around to....”