HMRC have recently announced that provided 2020/21 tax returns are received by the end of February, the late filing penalty will not be applied. Filing late will, however, extend the period during which HMRC may open an enquiry into your return.
Draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year.
Last year many businesses put on a “virtual” Christmas party event and HMRC agreed that would be acceptable in order for there to be no taxable benefit for the employees involved, but this year is the return of the proper Christmas party!
Last week’s Budget saw a number of announcements that will impact on individuals, most notably the National Insurance increase to pay for social and health care.
On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review.