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Don’t forget to include Covid-19 payments on self-assessment returns

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Don’t forget to include Covid-19 payments on self-assessment returns

With the 2021 self-assessment tax return deadline on 31 January, HMRC has been busy reminding taxpayers to declare any Covid-19 grant payments they might have received. This is the first year they need to be included.

Most self-employed taxpayers will have received Self-Employment Income Support Scheme (SEISS) grants during the Covid-19 pandemic, and now must include the following related grants and payments in their tax returns:

Packaging Automation

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Meet Sam

Director of Packaging Automation

Look beyond the six decades of expertise in creating automated packaging solutions for the international food industry, and you’ll find a third-generation family business.

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Alan Howard

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Meet Anton

Director of Alan Howard

For almost fifty years, Alan Howard has been a dedicated partner for professional hairdressers. Not just connecting them to industry-leading brands, but pioneering their own innovative product ranges too.

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Freeports up and running

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Freeports up and running

The first eight Freeport designated tax sites have now opened in Teesside, Humber and Thames. Freeports and their tax sites benefit from various incentives and tax breaks, but it remains uncertain whether they will provide the promised boost to the UK economy.

Treasury sets aside CGT and IHT change agendas

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Treasury sets aside CGT and IHT change agendas

Tax and Administration Maintenance (TAM) Day is a new phenomenon brought in by the Treasury to try and move away from the traditional all-in-one Budget. Following the first ‘Tax Day’ in March, the end of November saw another round of announcements.

The government set out steps to modernise and simplify the UK tax system, but of more interest is the response to the Office of Tax Simplification’s (OTS) reviews into inheritance tax (IHT) and capital gains tax (CGT).

Creamline Dairies

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Meet Chris

Joint MD of Creamline Dairies

Look beyond the bottles that have been delivered to countless doorways across the North West, and you’ll find a family business, a digital innovator, and a pioneer of sustainable business practices.

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New VAT penalties regime on the horizon

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New VAT penalties regime on the horizon

The existing penalty regime for VAT returns has the advantage of simplicity, but it’s something of a blunt instrument. The new system coming in for return periods beginning on or after 1 April 2022 will be fairer, but some businesses will find themselves caught up in a complex web of escalating penalties.

"Unusual measures for unusual times" - Conservative tax hike passes Commons vote

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"Unusual measures for unusual times" - Conservative tax hike passes Commons vote

A rise in national insurance rates and the increase in tax on dividends are, for a Conservative government, unusual measures for unusual times.

HICBC discovery assessments deemed invalid

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HICBC discovery assessments deemed invalid

A discovery assessment can be made by HMRC where income, which should have been assessed, has not been assessed for tax purposes. A recent decision in an Upper Tribunal case, however, found that neither child benefit, nor the related charge, is defined as income, thereby restricting HMRC’s use of discovery assessments to collect underpaid tax.

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