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01/02/2021 |
February Tax Tips & News
Welcome to the Vectis Accountants 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!
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| Latest news round up |
| Unsurprisingly, Christmas 2020 was dampened by the ongoing Covid-19 measures. The Prime Minister revised his plans to permit "Christmas bubbles" to be formed for up to five days between multiple households. In the end, such bubbles were only permi Read More... |
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| Deregistering from VAT |
| As a result of the Covid-19 crisis, many businesses are currently experiencing reduced turnover. In many cases, the business is VAT-registered, and some owners are asking whether they can now deregister. What are the rules here, and is it always advisable Read More... |
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| Self-assessment - DIY time-to-pay options |
| The tax return filing deadline for 2019/20 has now passed. However, where taxpayers have struggled to pay any tax they owed by the 31 January deadline, it is still possible to set up an instalment plan - or "time-to-pay" - arrangement. Read More... |
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| Leaving the UK: a look at split-year treatment |
| According to reports, the number of people leaving the UK during 2020 was "unprecedented". The Economic Statistics Centre of Excellence reported that as many as 700,000 left London alone in the 15-month period to September 2020. This brings the question o Read More... |
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| February questions and answers |
| My director's loan account is overdrawn as we approach our year end. Usually, a dividend is credited to cover the shortfall, but my accountant says that there are not enough reserves to do that this time. We've looked at writing off the loan to avoid a s. Read More... |
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| February Key tax dates |
| 1 - Due date for payment of Corporation Tax for accounting periods ending 30 April 2020
1 – Deadline to file P46(car) for the quarter ended 5 January 2021
7 - Electronic VAT return and payment due for quarter ended 31 December 2020
Read More... |
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| About Us |
Vectis Accountants Accountants are based in Stockbridge & Isle of Wight, offering local business owners and individuals a wide range of services. All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website vectisaccountants.co.uk for more information.
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Dairy Office
Tiebridge Farm
Houghton
Stockbridge
Hampshire
SO20 6LQ
Vectis Accountants is a trading name of Vectis Accountants Ltd
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