News & Updates

Helpful Tips and Updates

Image by Glen Carrie

Dates to remember

January 2021

1 January 2021 – Annual Investment Allowance (AIA) reduces from £1 million to £200,000. 

1 January 2021 – Corporation tax due for the year to 31/03/2020 unless quarterly instalments apply.

19 January 2021 – Deadline for NICs and PAYE deductions and CIS return and tax to HMRC via post for the month to 5/01/21

22 January 2021 – Deadline for NICs and PAYE deductions and CIS return and tax to HMRC electronically for the month to 5/01/21

31 January 2021 – Deadline for filing the self-assessment tax return, balancing payment of tax due for 2019/20 tax year and the first payment on account for 2020/21 tax year.

elena-mozhvilo-JulujB0zzmk-unsplash_edit

Chancellor extends furlough to end April 2021

The eligibility criteria for the UK-wide scheme will remain unchanged with 80% of salaries paid by the government under the furlough rules. These changes will continue to apply to all devolved administrations.

Aside the financial support for employees under the Coronavirus Job Retention Scheme (CJRS) extension, the Chancellor arguably had an eye on the potential fallout from further redundancies and job cuts in the spring when furlough was due to end.

The Treasury warned that ‘extending the CJRS until the end of April gives businesses certainty well ahead of the 45-day redundancy notice period, with the Budget [3 March] setting out the next phase of support more than 45 days before the new end date of the scheme’.