Tax Tips and news

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16/04/2021

Tax Tips and news

Welcome to the Obp Chartered Accountants Tax Tips and news budget newsletter.

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!

Latest news round up
The Budget finally took place on 3 March 2021. None of the speculated tax changes, e.g. raising CGT came to pass, although the main rate of corporation tax will increase in 2023. Several allowances, such as the personal allowance and CGT annual exempt Read More...
 
Loss relief extension
The Budget saw an announcement that the loss relief provisions available to both unincorporated business and companies are to be temporarily extended. There are differences in the way this will operate between the two types of business vehicle. Read More...
 
Dealing with an overdrawn Directors Loan Account
Many companies use 31 March as the accounting reference date. As such, now is a good time to review the position of directors' current accounts for close companies. It is a common misunderstanding that if the company charges a commercial rate of interest Read More...
 
Tax relief for loans used for businesses
There has been an unprecedented amount of support for businesses struggling due to Covid-19. However, back at the start of the crisis there were delays in the various schemes being set up. Additionally, a high number of newer businesses were completely in Read More...
 
April questions and answers
Our company uses the cash accounting scheme. We've lost a lot of trade as a result of Brexit and Covid-19 and we're looking to sublet part of our warehouse. We have opted to tax this. We want to raise a single invoice at the end of each financial year Read More...
 
April Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 30 June 2020 5 – Last day of 2020-21. Also a bank holiday (Easter Monday), so keep in mind if looking to utilise tax planning that is date sensitive, e.g. transfers into ISAs, Life Read More...
 
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