Anna’s Accountancy Alerts – Week 48 (1st – 7th March 2021)

Walsall Accountant

Deferred VAT

HMRC’s deferral scheme allowed businesses to delay payment, interest-free, of their VAT bills due between March and 31 May 2020 until 31 March 2021.

The payment deadline was later extended to 31 March 2022, but to take advantage of this you must opt into the scheme that will soon be available via your HMRC VAT account.

HMRC Additional Support Re IR35

HMRC will be running additional workshops to help individuals working through their own limited company prepare for IR35

Help and support for off-payroll working – GOV.UK (www.gov.uk)

HMRC Employment Status Tool Trouble

If the check employment status for tax (CEST) tool can’t decide the employment status, refer to HMRC’s manual on the subject.

Keep notes on how you arrive at your decision, especially if IR35 doesn’t apply.

This can protect you from HMRC penalties.

Tax And Your Green Homes Grant

This scheme for homeowners (including landlords) was launched in September 2020. As a landlord, you can claim vouchers worth up to £5,000 to use towards the cost of installing energy-efficient home improvements specified under the scheme, e.g. draft exclusion and low carbon heating.

A Green Homes Grant is taxable on landlords as additional income if it’s used towards the cost of repairs.

If the grant is used towards the cost of buying and installing equipment, it must be knocked off the amount of expenditure that qualifies for capital allowances.

If it’s for improving the structure of the property it can increase any capital gains tax payable.

Stay Up-To-Date With Coronavirus News That May Affect Your Business

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.

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.