What’s happening with the basis period reform?
You need to be ready for MTD and how it will change the way you report income to HMRC. But are you ready for the upcoming changes to basis periods?
Avoid child benefit clawback
Couples who receive child benefit are in danger of having some of that benefit clawed back as a tax charge if the higher earner has annual income of over £50,000. When the higher earner has income exceeding £60,000 all of the family’s child benefit is clawed...
Tax credit renewals
All tax credit claimants should have received their renewal pack by 4 June 2021. If you have not received your renewal pack you should contact HMRC on 0345 300 3900. You can renew your claim online at www.gov.uk/renewing-your-tax-credits-claim. If you need any...
Using trusts as an effective tax planning tool
Jonathan Walton and Owen Kyffin of Whitley Stimpson shared their knowledge on UK trusts and how they can be used as an effective tax planning tool in B4’s The Business Brunch.
Points and penalty system for making tax digital
HMRC has announced that they will use a new points based system to encourage taxpayers to submit MTD updates on time.
Furlough scheme extended
The Chancellor has extended the furlough scheme until 30 September 2021, with no employer contributions required until 30 June 2021.