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01/07/2021

July Tax Tips & News

Welcome to the Hammond McNulty Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Latest news round up

The Finance Bill that was published on 11 March 2021 received Royal Assent on 10 June and can be viewed online here. COVID19 From 1 July the level of government support for the furlough scheme will reduce. The government contribution will fall to 70%, Read More...

P11Ds for 2020/21 - COVID19 considerations

The P11D filing deadline for 2020/21 is 6 July 2021. Usually, this is a routine exercise in most cases. However, due to COVID19, some additional consideration may be required this time round. HMRC have published guidance regarding certain items that need Read More...

Property CGT - avoid reporting traps

Since April 2020, UK-resident taxpayers have been required to report gains on residential property, and make a payment on account of the tax due, within 30 days of completion. One of the key features of the reporting regime is that this 30-day reporting i Read More...

VAT registration - delays

Due to COVID19, some businesses are experiencing long delays in obtaining a VAT number after submitting the registration form. HMRC acknowledged the delays earlier this year and have asked businesses to be patient whilst the backlog is worked through. How Read More...

July Questions and Answers

Q1. I own several restaurants which all sell English-style food. I am planning to sell two of these to separate buyers. The first intends to operate an Asian fusion restaurant, and the second (smaller) premises is going to be turned into a micropub. Both Read More...

July Key tax dates

1 - Due date for payment of Corporation Tax for accounting periods ending 30 September 2020 6 – Filing deadline for Form P11D 6 – Employment Related Shares return filing deadline 7 - Electronic VAT return and payment due for quarter ended 31 May 2021 Read More...

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