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Tax Diary December 2020/January 2021

1 December 2020 – Due date for Corporation Tax payable for the year ended 28 February 2020.

19 December 2020 – PAYE and NIC deductions due for month ended 5 December 2020. (If you pay your tax electronically the due date is 22 December 2020)

19 December 2020 – Filing deadline for the CIS300 monthly return for the month ended 5 December 2020.

19 December 2020 – CIS tax deducted for the month ended 5 December 2020 is payable by today.

30 December 2020 – Deadline for filing 2019-20 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2021-22.

1 January 2021 – Due date for Corporation Tax due for the...

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Customs changes from 1 January 2021

Most smaller businesses will not have the resources to train and employ their own customs clearance staff in which case you may have to consider using a customs agent or broker. We have reproduced the advice on the GOV.UK website on this critical issue below.

If you do import or export goods from and to the EU you could consider one of the options that follow:

You can hire a person or business to deal with customs for you, such as:

  • freight forwarders
  • customs agents or brokers
  • fast parcel operators

What they can do for you (and who will be liable) depends on:

  • the services they provide
  • what you want them to do
  • the commercial agreement you have with them

They can act for you...

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Trivial benefits are not so trivial

A reminder that It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual Christmas, New Year holidays.

Employers and employees don’t have to pay tax on small benefits provided they comply with the following rules:

  • it cost you £50 or less to provide,
  • it isn’t cash or a cash voucher,
  • it isn’t a reward for work or performance related activity
  • it isn’t in the terms of an employees’ contract.

HMRC describes these payments as a ‘trivial benefit’. Based on the national mood following months of COVID disruption, these so-called trivial benefits now seem a possible means to spread a little good...

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Self-Assessment filing deadline draws near

If you have still not submitted all of the information we need to complete your 2019-20 tax return, could we ask you to respond as soon as you can as the deadline is fast approaching – 31 January 2021.

HMRC has made no announcement that this deadline will be extended. Accordingly, the initial £100 late filing penalty will apply to any 2019-20 return filed electronically after 31 January 2021.

If you are having difficulties tracking down information, lost P60s etc, please call so that we can agree on a strategy to secure the missing data.

None of us need any additional pressure at this point in time as we all grapple with the effects of COVID disruption. However,...

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