The following is a summary of the Spring 2021 Budget from March for the self-employed, those in partnerships, or owners of limited companies, with information for both individuals and employers.
News
Making Tax Digital
The following is a list of the dates and circumstances under which Making Tax Digital will apply.
VAT deferral new payment scheme – opt-in from 23 February 2021
If your business has deferred VAT payments due between 20 March to 30 June 2020 and you still have payments to make, you can opt into the VAT deferral new payment scheme to pay your deferred VAT over a longer period.
VAT reverse charge on construction and building services.
VAT Reverse Charge: 1 March 2021 update.
The Construction Industry Scheme (CIS) VAT reverse charge applies to construction services from 1 March 2021. Please note this only applies to construction supplies made by a business to business that are both VAT registered.
Property income: Tax implications for individuals
This is a brief overview of some of the tax implications of renting out a property you personally own. This overview covers residential properties, not commercial property or furnished holiday lettings.
Payroll: Basic procedures
Here is a brief outline of what you need to do to set up and run your payroll.
An introduction to corporation tax
The corporation tax rate is currently 19%.
Homeworking costs for the self-employed
A lot of self-employed people work from home. Some of the costs of the home can be claimed against tax and, in some cases, these costs may be considerable. Here we consider some of the tax implications of homeworking arrangements for the self-employed.
Brexit changes from 1st January 2021 – Are you ready?
If you are a small business and any of the following applies to you, you need to make sure you comply with the new rules that are coming from 1st January:
Personal tax: Self-assessment
Below is a summary of the self-assessment rules and the penalties for failing to comply with your obligations.