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Monthly Archives: May 2021

Are your Child Benefits under threat?

For some time now, HMRC have had the power to claw back some or all of the Child Benefits you receive if either parent’s income exceeds £50,000. The benefit is recovered by the High Income Child Benefit Charge (HICBC). This … Continue reading

Posted in Business

Tax Diary May/June 2021

1 May 2021 – Due date for Corporation Tax due for the year ended 30 July 2020. 19 May 2021 – PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due … Continue reading

Posted in Business

Advisory Fuel Rates from 1 March 2021

The advisory electricity rate for fully electric cars is 4 pence per mile. Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates. The advisory fuel rates for petrol, LPG and diesel cars are shown in … Continue reading

Posted in Business

Averaging profits for creators of literary or artistic works

A special relief is available for creators of literary or artistic works under which they can claim to add together their profits for 2 years and be taxable on the average of those profits if certain conditions are met. This … Continue reading

Posted in Business

Charity – using a subsidiary trading company

One or more charities can set up a subsidiary trading company to trade on their behalf. This may be a useful strategy if your charity: makes profits on trading that is not linked to its primary purpose makes a profit … Continue reading

Posted in Business