Anna’s Accountancy Alerts – March 2020 Week 50

Business and Accounting

Deadline Extended For Grant Funding

To help prepare businesses for completing customs declarations, the deadline to apply for at least £7.5 million of grant funding has now been extended to 31st January 2021.  The extension will allow more businesses to benefit from the remaining funding to increase their capacity for dealing with customs declarations with training, IT and staff.

Applications will close on 31st January 2021, or earlier if funding is fully allocated.

Apply online:

Capital Gains Tax Payment For Property Disposals

From April 2020 HMRC is changing the rules related to the submissions of information and payment of Capital Gains Tax (CGT) due on the disposals of a UK residential property (other than a principal private residence).  The tax due must be reported and paid to HMRC within 30 days of completion of the disposal.

HMRC are developing a new digital service accessible from GOV.UK, which will be available from April 2020 to make it easier for customers to report and pay their CGT property disposal liability.  For many customers, this will mean that if they have no other Self-Assessment criteria, they will no longer need to register for Self-Assessment to notify and pay for a ‘one-off’ property disposal to report the gain.

Reporting A New Company Car Or One Made Available To An Individual For The First Time In The 2020-21 Tax Year.

  1. From 6th April 2020, a new zero-emission mileage field will be shown on the form P46 (car). If a car has a CO2 emission figure of 1-50g/km; you will now need to provide the car’s zero-emission mileage.  This is the maximum distance in miles that the car can be driven in an electric mode without recharging the battery.
  2. The online P46 (car) will be updated with the changes. For paper P46 (car) submissions you will need to ensure you complete the latest version as historic copies may not include the new zero-emission mileage field.  These will be available through their established method from 6th April 2020.

Where to find the additional Zero-emission mileage information: –

If your client leases the vehicle, they should obtain this new data item in the same way they currently receive their Company Car Tax data from the car leasing firm or fleet provider.  If your client owns the vehicle, the zero-emission mileage figure can be found on the vehicle’s Certificate of Conformity.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.