Late filing penalties – HMRC 31 January 2021 Tax Return Deadline

Under normal circumstances, HMRC would automatically send you a late filing penalty notice for £100 if your return is filed after 31 January 2021. However, this year HMRC have recognised that circumstances are far from normal and have agreed that the late filing penalty will not apply if you file online before 28 February 2021. Effectively, we have a further month to submit your return online for 2019-20.

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How to treat certain expenses and benefits provided to employees during coronavirus (COVID-19)

The guidance on taxable expenses and benefits when they are paid to employees because of coronavirus and how to report them to HMRC has been updated to confirm that if an employer is providing antigen testing kits to employees, outside of the government’s national testing scheme, either directly or by purchasing tests that are carried out by a third party, no Income Tax or Class 1A National Insurance contributions will be due.

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Haulier advice site locations

The list of sites where drivers and crew of HGVs, LGVs, coaches and vans can get free COVID-19 tests and border readiness checks before transporting goods to the EU has been updated.

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Pay VAT deferred due to coronavirus (COVID-19)

The guidance on how to pay VAT payments deferred between 20 March and 30 June 2020 has been updated with an added section on ‘Correcting errors on your VAT returns relating to the VAT payments deferral scheme’, including information on how to defer any extra payments resulting error corrections and HMRC VAT assessments.

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Brace yourself for the tax changes ahead

The UK is now treated as a third country in relation to the EU, which means the VAT rules on imports and exports have changed for all goods (of any value) crossing the EU border and into Northern Ireland.

Sales of digital services to non-business customers in the EU must now be reported under the non-EU VAT MOSS scheme, which requires UK businesses to register for VAT in an EU country. There may also be industry-specific conditions for selling goods and services from the UK into the EU, so don’t assume that everything for your business will operate as before.

Coronavirus restrictions are also in place across the UK, affecting your cashflow, suppliers and customers. If you need to claim under a Government support scheme for furloughed staff wages (CJRS) or for self-employed profits (SEISS), pay attention to the monthly and quarterly deadlines but this is just the tip of the iceberg, read on…

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Kickstart Scheme Grant

If you are an employer looking to create 29 or less job placements for young people, you can apply for funding as part of the Kickstart Scheme.

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Data sharing post Brexit

How you share data post Brexit and how this affects your business will depend on several factors, including the nature of your business and where your customers are located. Data sharing with the EEA is one of the key areas to consider.

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