At present, self-employed traders (sole traders and partnerships) are taxed for each tax year on profits for the accounting period ending in that tax year. Therefore, if a trader’s accounting year end is 31 December, their assessment for 2021-22 will be based on adjusted profits for the year ending 31 December 2021. Which means that…
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Better late than never
A recent HMRC press release confirmed that sole traders and buy-to-let property businesses (but not incorporated businesses) will have an extra year to prepare for the digitalisation of Income Tax. Recognising the challenges faced by many UK businesses and their representatives as the country emerges from the pandemic, and having listened to stakeholder feedback, the…
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New measures to ease fuel supply chain pressures
The UK Government has announced that further measures will be put in place to help ease supply chain pressures as spikes in demand for fuel create a panic buying hysteria. This added pressure to already stretched supply chains is a further blow to affected businesses across the UK. The Government has announced the new measures…
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Tax Diary October/November 2021
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…
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