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Capital gains tax annual exempt amount 2021-22

For capital gains tax purposes, individuals are allowed to realise net gains (after deducting any capital losses) of £12,300 for 2021/22 tax-free. Where capital disposals are on the cards, if the annual exempt amount remains available, consider making the disposal prior to 6 April 2022 to utilise the 2021/22 annual exempt […] The post Capital gains tax annual exempt amount 2021-22 appeared first on BFMS Accountants and Business Advisers.

USE YOUR ALLOWANCES FOR 2020-21

Limited window for using your 2020/21 tax allowances Individuals are entitled to a number of allowances each year. However, many of them are lost if they are not used in the tax year to which they relate – it is not possible to carry most unused allowances forward. The 2020/21 tax […] The post USE YOUR ALLOWANCES FOR 2020-21 appeared first on BFMS Accountants and Business Advisers.

Claim back SSP for Coronavirus-related absences

Employers who had fewer than 250 staff on 28 February 2020 can claim back up to two weeks’ statutory sick pay paid to employees who were absent from work due to Coronavirus. This covers absences where the employee had Coronavirus, was self-isolating because someone in their household had symptoms or was […] The post Claim back SSP for Coronavirus-related absences appeared first on BFMS Accountants and Business Advisers.

Deferred tax payments

To help those affected by Coronavirus, taxpayers could delay paying their payments. Deferred July 2020 self-assessment payment To help those affected by Coronavirus, taxpayers could delay paying their second self-assessment payment on account for 2019/20, which normally would have been due by 31 July 2020. Under the original proposals, the deferred […] The post Deferred tax payments appeared first on BFMS Accountants and Business Advisers.

Do not miss the COVID-19 deadlines

The Government have put various support measures in place. It is important that you do not miss the deadlines for claiming help under the various schemes; and also that you understand how grants received are treated for tax and National Insurance purposes. Coronavirus Job Retention SchemeThe Coronavirus Job Retention Scheme enabled […] The post Do not miss the COVID-19 deadlines appeared first on BFMS Accountants and Business Advisers.

COVID19 – Government Support for Businesses 01.04.2020

VAT Deferral – VAT payments from 20 March 2020 until 30 June 2020 Any businesses that wish to defer their VAT payments are automatically eligible to do so. VAT payments due on 7th April, 7th May or 7th June 2020 can be deferred until 31st March 2021. Businesses that have a […] The post COVID19 – Government Support for Businesses 01.04.2020 appeared first on BFMS Accountants and Business Advisers.

Maturing Child Trust Funds

Last year, the Government consulted on regulations introducing changes to Child Trust Funds (CTFs) and Individual Savings Accounts (ISAs). As far as Child Trust Funds are concerned, the changes will make provision for the investment in a CTF to be held in a protected account pending instruction in the event that […] The post Maturing Child Trust Funds appeared first on BFMS Accountants and Business Advisers.

Government Support for All Businesses – COVID19 Virus

We are sure that you are aware of the support that the Government have put in place during the current COVID19 virus to date, however we want to ensure that you are fully up to date and aware of support available to you. We write to let you know that we […] The post Government Support for All Businesses – COVID19 Virus appeared first on BFMS Accountants and Business Advisers.

Capital Gains Tax

Private residence relief and final period exemption Where a property has at some point been the owner’s only or main residence, any gain relating to the final period of ownership is exempt from capital gains tax. Prior to 6 April 2020, the final period is set at 18 months, subject to […] The post Capital Gains Tax appeared first on BFMS Accountants and Business Advisers.

Some dates for your diary in 2019 November 2019 1 November Corporation tax due for companies with a 31 January 2019 year end. 2 November P46(Car) for quarter to 5 October 2019 due to HMRC. 5 November End of PAYE month 7. 7 November Due date for VAT returns for periods […] The post Dates for YOU! appeared first on BFMS Accountants and Business Advisers.

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