Charity sponsorship payments are different from donations because your company gets something related to your business in return. Typically, your business brand would be promoted by the charity in some way. You can deduct sponsorship payments from your business profits before you pay tax by treating them as business expenses. Payments qualify as business expenses […]
You can claim up to £1,000 each tax year in tax-free allowances for property or trading income. If you have both types of income, you will qualify for a £1,000 allowance for each. If your annual gross property income is £1,000 or less, from one or more property businesses you will not have to tell […]
1 August 2021 – Due date for Corporation Tax due for the year ended 31 October 2020. 19 August 2021 – PAYE and NIC deductions due for month ended 5 August 2021. (If you pay your tax electronically the due date is 22 August 2021) 19 August 2021 – Filing deadline for the CIS300 monthly […]
Unless government has a change of heart the present furlough scheme will close 30 September 2021. Businesses that have depended on this grant to hold teams together will – from 1 October – need to decide if business activity has increased sufficiently to maintain their workforces at current levels or consider redundancy options. Planning is […]
In an open letter to the UK logistics sector, the Government has announced an urgent initiative to resolve the mounting shortage of lorry drivers in the UK. Following Brexit and the COVID-19 pandemic, thousands of EU nationals – who make up a significant proportion of workers in the UK logistics industry – are having to […]
HM Revenue and Customs (HMRC) has issued a statement urging students and other summer workers to check that they are being paid the correct National Minimum Wage (NMW) rates. In the 2020/21 tax year, HMRC helped over 150,000 workers across the UK to recover over £16 million remuneration that was due to them because incorrect […]