We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you of hard-earned cash resources.
HMRC has recently published a warning to taxpayers about scammers posing as HMRC employees. They said:
Self-Assessment customers should be alert to criminals claiming to be from HMRC.
The department knows that fraudsters use calls, emails or texts to contact customers. In the last 12 months, HMRC has responded to more than 846,000 referrals of suspicious HMRC contact from the public and reported over 15,500 malicious web pages to internet service providers to be taken down. Almost 500,000 of the referrals from the public offered bogus tax rebates.
HMRC offer the following tips to spot a tax scam. It could be a scam if it:
Clients in receipt of similar requests, either online or by telephone, should call us so that we can check if the contact is genuine or fraudulent.
Other readers should not respond to any request received by email, text or a direct call. In particular, do not divulge any personal data.
Simply access the GOV.UK website and search for HMRC’s published contact numbers. Call HMRC and explain the request you have received and ask if they could check to see if it is genuine.
From the beginning of this month the Brexit transition period has ended. Negotiations to secure a trade agreement between the UK and the EU from 1 January 2021, have completed and we have a deal.
Readers who import or export goods from or to the EU will now need to face the following challenges in addition to those posed by COVID-19:
The major upside to this outcome is that we now have certainty. Affected businesses would be wise to revise their business plans to accommodate these extra costs due to possible delays and customs charges.
We can help. Please call if you need help or advice.
In just three short months the present tax year ? 2020-21 ? will end midnight, 5th April 2021.
The UK’s tax code is predominantly time limited. Any reliefs and exemptions from UK taxes for 2020-21 will mostly expire at the end of the tax year. Accordingly, there is an imperative to review your tax affairs before this date to ensure that available reliefs are utilised or that penalising tax charges are legitimately avoided.
For example, for 2020-21:
Clearly, we all have different personal and financial circumstances so there is no one-size-fits-all approach that can be taken. There are no guarantees that you could take advantage of current exemptions and reliefs, but please call if you would like to discuss your options.
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 2020 can have real benefits. For example:
Needless to say, if you are concerned by the historical results to 31 December 2020 or the outlook for 2021, let’s get together and see how best to meet these challenges. With the external pressures that EU disengagement may pose for your business this is not a time for wishful thinking. Be prepared.
1 January 2021 - Due date for Corporation Tax due for the year ended 31 March 2020.
19 January 2021 - PAYE and NIC deductions due for month ended 5 January 2021. (If you pay your tax electronically the due date is 22 January 2021)
19 January 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2021.
19 January 2021 - CIS tax deducted for the month ended 5 January 2021 is payable by today.
31 January 2021 ? Last day to file 2019-20 self-assessment tax returns online.
31 January 2021 ? Balance of self-assessment tax owing for 2019-20 due to be settled on or before today unless you have elected to extend this deadline by formal agreement with HMRC. Also due is any first payment on account for 2020-21.
1 February 2021 - Due date for Corporation Tax payable for the year ended 30 April 2020.
19 February 2021 - PAYE and NIC deductions due for month ended 5 February 2021. (If you pay your tax electronically the due date is 22 February 2021)
19 February 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2021.
19 February 2021 - CIS tax deducted for the month ended 5 February 2021 is payable by today.