Film tax relief (FTR) can increase the amount of expenditure that is allowable as a deduction for tax purposes or, if a company makes a loss, can be surrendered for a payable tax credit. To qualify
Switching between film and TV reliefs
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Tax Diary November/December 2021
1 November 2021 – Due date for Corporation Tax due for the year ended 31 January 2021.
19 November 2021 – PAYE and NIC deductions due for month ended 5 November 2021. (If you pay your tax
Autumn Budget 2021 – Recovery Loan Scheme
The Recovery Loan Scheme was launched on 6 April 2021. The scheme currently allows businesses of any size to access loans and other kinds of finance between £1,000 and £10 million. The scheme was
Autumn Budget 2021 – Minimum Wage increases
The Chancellor of the Exchequer, Rishi Sunak confirmed that the government has accepted in full the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2022. This puts
Autumn Budget 2021 – £1 million Annual Investment Allowance
In the Spring Budget earlier this year, the government announced that the temporary Annual Investment Allowance (AIA) cap of £1 million would be extended until 31 December 2021. The Chancellor,
Autumn Budget 2021 – Dividend tax rates
As announced on 7 September 2021, the 1.25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax
Autumn Budget 2021 – Creative industry tax reliefs
The sunset clause for the Museum and Galleries Exhibition Tax Relief (MGETR) was supposed to come into force on 31 March 2022. As part of the Autumn Budget measures, the Chancellor announced that the
Autumn Budget 2021 – Alcohol and Tobacco Duty
As part of the Budget measures the Chancellor announced, to a big cheer, that the planned duty rates on beers, spirits, wines and ciders expected to come into effect from midnight on Budget Day will
Autumn Budget Summary 27 October 2021
As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021.
But we now have all the details
Self-Assessment filing deadlines
The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a
Claiming tariff quotas to reduce import duties
Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to imports from specific
Transport restrictions eased
The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate pressures with the supply chain due to lorry driver shortages and other global supply
VAT Margin Scheme bad debt relief
The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has
Haulage company charged with loan fraud
An interesting case has seen a haulage company based in the West Midlands have their operator licence revoked. This followed a public inquiry into the company by the traffic commissioner for the West
Payments received after company is dissolved
Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as ‘bona vacantia’ which
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