Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we're here to help.
Get prepared for the end of the Brexit transitional period
It is time to prepare for the end of the Brexit transitional period.
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Virtual Christmas parties will qualify for tax exemption
HMRC has confirmed that they will accept a virtual Christmas party as an event which is capable of falling within the tax exemption rules for annual functions.
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Gifts to employees can be tax-free
Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee.
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Minimum Wage Increases from April 2021
Increased minimum wage rates have been announced to take effect from 1 April 2021.
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 December 2020.
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Self assessment taxpayers warned to watch out for scammers posing as HMRC
HMRC is warning self assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline.
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HMRC confirms MTD for corporation tax to be mandated from 2026
In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax will not be implemented until 2026 'at the earliest'.
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£1 million Annual Investment Allowance cap extended
The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy.
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