Winter 2020 news update!
Welcome to our Winter 2020 news update!
Covid-19
We sincerely hope that you are keeping safe and well under the current difficult conditions. Let us hope the end is in sight!
SEISS third grant opens with new conditions
The Self-Employed Income Support Scheme SEISS) third grant has opened for claimants. A specific impact on demand statement has to be made unlike the first two support grant payments where the claimant merely had to confirm that COVID- 19 has adversely affected their trade.
HMRC have detailed the support schemes available to Individuals, Businesses and the Self Employed. Go to www.hmrc.gov.uk and open the Coronavirus (COVID-19) page.
Self-Assessment Deadline – January 31st 2021
It’s that time of year again when the deadline for filing self-assessment tax returns and payment of tax is fast approaching – January 31st 2021.
Fines of £100 are levied for late returns which can rise to £10 per day!
Returns submitted shortly before or after the deadline are more likely to be
Investigated as HMRC believe that estimates or inaccurate figures may have been used.
If you have not yet sent us the information please send it to us as soon as possible or contact us now!!
Personal Tax Allowance Rates 2020/2021
Personal Allowance 12500*
Personal Savings Allowance
Basic rate Taxpayer 1,000
Higher Rate Taxpayer 500
Dividend Allowance 2000
*Reduced if income exceeds £100,000
TAX REPAYMENT SCAMS
There are a number of nasty tax repayment scams in circulation please DO NOT REPLY to them.
There have also been telephone calls from scammers pretending to be from HMRC and saying, “in some cases you are being taken to Court shortly unless you make a payment” to them. Please do not co-operate with them in anyway and if in doubt refer them to us.If you are due a repayment, the Tax Inspector will write to you by letter. He does not send out emails. He then sends a notice to the Collector to make the repayment. There is often a substantial delay as the Collector checks the name and address of a selection of recipients against a number of data banks such as the voters list.
DON’T REPLY TO A TAX REPAYMENT EMAIL.
IT’S A SCAM!
NHS Waiting Lists – Longer than Ever
Over ½ million people are now on the NHS waiting list and now may be the time to consider Private Health Insurance protection for you and your family.
WPA are a not for profit private medical insurance specialist with a team based in Brighton. The 5th largest health insurer in the UK, WPA offer medical insurance to individuals, families and businesses of any size. To discuss your current policy or explore the options available call Chris Nash on 07773 786113, or email chris.nash@hcp-plc.org.uk
Second Property Sales
HMRC now require a CGT report and payment of Capital Gains Tax within 30 days of the completion date on the sale of second or investment properties.
Do you need a Mortgage?
We can provide details of a fully qualified independent mortgage consultant who can review your mortgage and recommend some amazing mortgage deals. We can also provide the necessary income details (form SA302 and HMRC tax year overviews) required for the Lender.
BREXIT
UK business will face additional documentation for importing and exporting goods to the EU from 1 January, 2021.The first thing you will need is an Economic Operator Registration and Identification (EORI) number. https//www.gov.uk/eori for applications. There are a number of very useful you tube videos outlining the various steps that need to be undertaken.
National Insurance Contributions and State Pension Forecast
Check your National Insurance Contribution record and entitlement to State Pension. With your personal tax account. You normally need 35 full years of contributions. If you do not a personal tax account, please speak to us to set one up for you.
Christmas Gifts of up to £50 per person
Employers are allowed to provide their directors and employees with certain ‘trivial benefits in kind tax free and applies to small gifts up to the value of £50 at Christmas, on their birthday or other occasions and includes gifts of food, wine or store vouchers.
Christmas Party Exemption
The Tax Legislation specifies that the tax exemption of £150 per annum can be applied to an ‘annual party or similar annual function’ at a particular location. HMRC have confirmed this can now be extended to a hosting a virtual event including providing entertainment, equipment and refreshments principally for enjoyment or consumption by your employees during the event. If it is decided to postpone the event it can be used later as long as it’s in the current tax year ie before 5 April 2021.
VAT
The Government has announced that businesses that deferred VAT due from 20 March 2020 to 30 June 2020 will now have the option to pay in smaller amounts over a longer period. Instead of paying the full amount by the end of March 2021 you can make smaller payments up to the end of March 2022 interest free but the option needs to be claimed.
Electric Cars
All new zero emission cars are free of company car tax for one year from 6 April 2020. The benefit is 1% in 2021.22 and 2% in 2022/23.
We are pleased to announce that clients of JDA will be entitled to a 10% discount on Chocolates and Gifts purchased from Develdas Luxury Chocolates and Gifts shop owned by Mrs Linda Deeprose (wife of Peter). The shop is based in Brighton Marina. Luxury Chocolates and Gifts can also be purchased online at the website www.develdas.co.uk and again clients of JDA will receive a 10% discount – enter promotion code JDA.
Need help or advice? Get in touch on 01273 474885 or 07973 410780
Or come and visit us. At our offices by the sea! You can find us at Brighton Marina. With FREE PARKING!!
Our address is:
JDA Tax & Accountancy Services Ltd
Suites 2 & 3 Marine Trade Centre
Lockside
Brighton Marina
Brighton BN2 5HA
Come and say hello
All the staff of JDA Tax & Accountancy Services Limited and Develdas Luxury Chocolates and Gifts wish our clients a Merry Christmas and Safe Prosperous New Year
JDA Tax & Accountancy Services Ltd
T: +44 1273 474 885 / +44 7973 410 780
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