C L Webb Ltd

09/09/2021

Here's a little reminder of the up coming deadlines.

19 September 2021 - PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your tax electronically the due date is 22 September 2021)

19 September 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 September 2021.

19 September 2021 - CIS tax deducted for the month ended 5 September 2021 is payable by today.

1 October 2021 - Due date for Corporation Tax due for the year ended 31 December 2020.

19 October 2021 - PAYE and NIC deductions due for month ended 5 October 2021. (If you pay your tax electronically the due date is 22 October 2021.)

19 October 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2021.

19 October 2021 - CIS tax deducted for the month ended 5 October 2021 is payable by today.

31 October 2021 – Latest date you can file a paper version of your 2021 self-assessment tax return.

If you need any help with these submission please drop us a line and we'll be happy to help.

16/07/2021

The Coronavirus Job Retention Scheme (CJRS) is changing from 1st July 2021.

The end date for CJRS has been extended multiple times since the scheme was launched and in the Spring Budget 2021, the Chancellor announced a final extension until 30 September 2021.

Since 1 July 2021, employer contributions towards the cost of unworked hours have been put in place. Employers are required to contribute 10% towards wages for hours not worked during July rising to 20% in August and September 2021.

07/06/2021

An employer can provide its employees with a mobile phone. However, if this is not set up correctly, it can cost you £300 over a year in tax.

As a rule, the provision of one mobile phone to a director or employee for private use is exempt from reporting requirements, tax and National Insurance. The exemption covers the phone itself, any line rental and the cost of private calls paid for by the employer on that phone.

For this expense to be a tax free benefit the phone contract must be between the employer and the supplier. This means if the employer is a limited company the contract must be between the company and the telecom provider.

If the telephone expenses are not exempt, then they must be reported to HMRC and employers may have to deduct and pay tax and National Insurance.

As this is an easy expense to check in the case on an enquiry, it's worth getting the paperwork right as penalties of up to 100% of the tax underpaid can be levied against you for over 7 years (yes, that could be up to £2,100 in penalties!).

02/06/2021

Looking for your company's tax numbers?

You need to contact HMRC about your company and when you call they ask for your Company UTR (Unique tax reference).

Your first action would be to ask your accountant, we'll be able to give it to you straight away.

But what if you don't have an accountant yet? Try one of these options:

1: in HMRC’s business tax account portal - if the company has registered for online tax services and attached the UTR to it's profile
2: on previous letters from HMRC - like a reminder to file a Corporation Tax Return or on a previous Corporation Tax Return. Depending on the type of document issued the reference may be printed next to the headings 'Tax Reference', 'UTR' or 'Official Use'.

Finally, if all else fails you can make a request online at https://www.tax.service.gov.uk/ask-for-copy-of-your-corporation-tax-utr. HMRC will send the number by post to the company’s registered address as shown at Companies House.

We will send a copy of your Corporation Tax Unique Taxpayer Reference (UTR) by post to the company’s registered address as shown on Companies House. It’s sent by post to keep your details secure.

26/03/2021

Here's your Friday tax tip:

Good news: The exemption for the purchase of office equipment for working from home was due to end on 5 April 2021 but will be extended to have effect until 5 April 2022.

Temporary changes to the rules for reimbursing employees for the purchase of office equipment whilst working from home due to the COVID-19 pandemic were introduced in March 2020.

The temporary measure means that employer reimbursements for the cost of home-office equipment expenses to help employees work from home will be exempt from tax and NICs.

Home office equipment is the equipment required for you to work from home due to COVID, and can, for example, include computing equipment, a desk and other necessary accessories.

There are two conditions for the claims to be eligible for relief:

That equipment is obtained for the sole purpose of enabling the employee to work from home as a result of the coronavirus outbreak, and
The provision of the equipment would have been exempt from Income Tax if it had been provided directly to the employee by or on behalf of the employer (under section 316 of ITEPA).
The exemption remains a temporary measure and will have effect until the end of the 2021-22 tax year.

24/03/2021

We've just saved a new client from a £100 late self assessment filing fee using the trading allowance.

Here's how it works:
The £1,000 exemption is applied to self-employment, casual services (such as babysitting or gardening) or hiring personal equipment (such as power tools).
This allowance can be used instead of claiming expenses.
If your trading income is less than the exemption and you have no other untaxed income, you do not need to submit a tax return.

09/03/2021

It's only Monday and we've been able to help 2 restructure their businesses and saving a combined £26,000 in vat!

On top of that we've optimized and new clients pay structure to save a further £500 in tax.

If your accountant is not checking that your business is set up tax efficiently, get in contact, we are taking on a limited number of new clients before the new tax year.