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01/05/2021

May Tax Tips & News

Welcome to the Andrews & Brown 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 extension of the off-payroll working rules to medium-sized and large organisations finally took effect on 6 April. The responsibility for making an employment status determination for each engagement where the worker's services are provided through an Read More...
 
Student loans for 2021-22
Starting from 6 April 2021, there is a new type of undergraduate student loan that employers need to be aware of when operating payroll - the Plan 4 loan (SLP4). The new plan type has been necessary due to the Scottish government amending certain details Read More...
 
Debt factoring and VAT
Due to the coronavirus, many businesses are experiencing cash flow issues as their customers struggle to make payments in good time. A range of banks offer debt factoring as a way of improving the cash flow position. However, there are VAT considerations Read More...
 
Making Tax Digital
From 1 April 2021, all compulsorily VAT-registered businesses that submit electronic VAT returns are required to digitally link the business records to their VAT returns. This must be done by using HMRC approved bookkeeping software. This can include spre Read More...
 
May questions and answers
Q. I am newly VAT-registered (voluntarily). I believe that I will usually need to pay VAT to HMRC each quarter, rather than receiving a refund. However, I have some concerns about running up arrears in case I experience cash flow problems. Can I ask to co Read More...
 
May Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 31 July 2020 5 – Quarterly employment intermediaries report required for quarter ended 5 April 2021 for organisations that pay people but do not operate PAYE for, e.g. recruitment Read More...
 
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