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Forms P11D – reporting employee benefits

Forms P11D – reporting employee benefits

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the last minute. Employees pay tax on benefits provided as shown on the P11D, generally via a PAYE coding notice adjustment…

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Trade credit insurance scheme to close

The temporary Trade Credit Reinsurance (TCR) scheme that helped struggling supply chain firms secure insurance protection during the pandemic will close at the end of June, it has been confirmed. In a statement, the government and the Association of British Insurers said the scheme will close on 30 June as planned. The TCR scheme was designed as a temporary solution to companies struggling to get insurance cover for transactions because of the pandemic. The government says the TCR has directly…

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Government confirms start date for plastic packaging tax

Government confirms start date for plastic packaging tax If you are a business that manufactures or imports plastic packaging, including if you import packaging which already contains goods, there are things you should do now to prepare for the tax. What’s changing? A new plastic packaging tax will take effect from 1 April 2022 and will encourage the use of recycled rather than new plastic within plastic packaging. This will in turn stimulate increased levels of recycling and collection of…

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Businesses urged to check options as bounce back loan repayments become due

Businesses in Britain are being urged to check their options as the first repayments become due on the coronavirus support loans that they took more than a year ago. Payments will be due from the first week of June, for many early adopters of the UK governments bounce back loans, which launched may last year. While banks have vowed to treat customers fairly, campaigners have voiced concerns that pressure to recover taxpayer cash may put lenders in a difficult position.…

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Recent changes to IR35 ‘undermine the self-employed’ says IPSE

The Association of Independent Professionals and the Self-Employed (IPSE) has stated that the recent changes to the rules relating to off-payroll workers, commonly known as IR35, ‘undermine the self-employed at the worst possible time’. The changes to IR35 took effect on 6 April 2021 and shifted responsibility for making the decision on employment status on each contract away from contractors and personal service companies (PSCs) and on to the client receiving their services. This has already been done in the…

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New claims required for home working tax relief

Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From April 2020, employers have been able to pay employees up to £6 a week tax fee to cover additional costs if they have had to work from home. Employees who have not received the working from home expenses payment direct from their employer can apply to receive the tax relief from HMRC. HMRC has also confirmed…

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CBI calls for extension of Kickstart Scheme as jobs market remains subdued

CbI Calls For Extension Of Kick-start Scheme As Jobs Market Remains Subdued The confederation of British Industry (CBI) has urged the government to extend the Kick-start Scheme to help young people who are bearing the brunt of the subdued job market. CBI has said – The Government should extend the Kick-start Scheme application deadline until June 2020, CBI President Lord Bilimoria has said in a speech to the Association of school and College Leaders. By businesses and the Government working…

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New 95% mortgage scheme launched

On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house worth up to £600,000. The government says this will provide ‘an affordable route to homeownership for aspiring homeowners’. The government will offer lenders the guarantee they need to provide…

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Recovery Loan Scheme opens to businesses

On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government’s coronavirus lending schemes. The new scheme will support borrowing of up to £10m for individual businesses and up to £30m across a group, and, once received, the funds can be used for any legitimate business purpose, including managing cash flow, growth, and investment. It is designed to appeal to businesses that can afford to take out additional finance for these purposes. The British Business Bank, which…

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Pension fraud increased to £1.8 million in first quarter of 2021

Data from Action Fraud show a steady fall in pension scam reports from 1,788 in 2014 to 358 in 2020 – a reduction of almost 80 percent. However, there has been an increase in reporting so far this year, with 107 reports of pension fraud received in the first three months of 2021. This is an increase of almost 45 percent when compared to the same period in 2020. It has been reported that £1.8million has already been lost in…

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Asmat Accountants

Asmat & Co are one of Berkshires’ leading independent firms of Accountants servicing a growing and satisfied clientele. At Asmat & Co expert advice is available from senior qualified Chartered Management Accountants (ACMA) and Chartered Certified Accountants (ACCA), at very attractive packages tailored to suit varied individual and business requirements. The professional team at Asmat & Co. possesses extensive experience in providing accounting, tax, finance transformation and business advisory services to a diverse customer base.

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