Tax Tips and News

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20/09/2021

September Tax Tips and News

Welcome to Sephton’s monthly newsletter. Here, you’ll find all our latest tax tips as well as the news that’s affecting our clients. If you scroll down the page, you’ll see you have access to the complete archive too. We’re committed to making sure our clients receive useful advice and support throughout the year.

If you need further assistance though, please get in touch using the details on the ‘contact’ page. We’re happy to help.

Latest news round-up
September is the final month of the furlough scheme, subject to any last-minute extension. Employers will need to top up the government's contribution, which is now 60% of wages (up to a maximum cap of £1,875) to ensure the employee receives the requisite Read More...
 
Loss relief for companies ceasing a trade
Companies are able to relieve losses for tax purposes, subject to certain restrictions. These restrictions have been relaxed slightly in recent years, e.g. allowing companies to claim trading losses against other profits for future trading years. Read More...
 
HMRC enquiries: is it in time?
The self-assessment system includes the right for HMRC to make enquiries to ensure the correct amount of tax is collected. However, these rights and the underlying time limits etc. are often a source of confusion. They have changed since self-assessment w Read More...
 
Inheritance tax - why giving away money can mean more for the beneficiaries
In most cases, it doesn't make sense to simply give away money to save tax during a person's lifetime. For example, a higher rate taxpayer can claim tax relief to offset their income tax bill on qualifying donations made via the gift aid scheme. Read More...
 
September Questions and Answers
Q. I am an IT consultant that has just returned from Jersey where I was undertaking some work for the government. I want to raise my invoice now, but don't know whether to add VAT or not following Brexit? Read More...
 
September Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 30 November 2020 7 - Electronic VAT return and payment due for quarter ended 31 July 2021 14 – Claim deadline for employers for furlough days in August 19/22 - PAYE/NIC, student Read More...
 
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