In its latest Business Support Update, Streets Chartered Accountants dives into Self Assessment Tax Returns in the pandemic period, how businesses are missing out on R&D tax credits, the problem of workforce shortages, amongst other topics.
Self Assessment in the Pandemic Period
The deadline for submitting your 2020/2021 Self Assessment Tax Return online is 31 January 2022 and there is not expected to be an extension like 2019/2020. An automatic £100 late filing penalty will apply if submitted late without a reasonable excuse. Those who regularly submit tax returns will be familiar with the usual requirements for what they need to declare or what they can claim on their Self Assessment Tax Returns, but there are extra considerations to take into account this year as a result of the pandemic.
Podcast: Are You Taking Advantage of your R&D Tax Credits?
In this session, Streets Corporate Tax Partner, Mustafa Rafik looks at Research and Development (R&D) tax credits and why he feels businesses are missing out on this valuable source of financial relief. He dispels the myth that R&D is only something carried out by people in white coats in labs and seeks to highlight that businesses are often undertaking such work without knowing it.
HMRC have access to overseas accounts which may be in your name. Many financial institutions and banks have signed up to provide this information to HMRC. If you have any income or gains from assets held overseas you should declare that income via your self-assessment. Failure to declare could result in additional interest, penalties and in some cases even prosecution.
Workforce shortages – employers no longer have the upper hand or call the shots
It looks like workforce shortages are here to stay and are going to affect more and more businesses, not just those looking for lorry drivers or those to work in care, hospitality, food and agriculture sectors. Signs are that the professions and those in the tech sector, along with others, are seeing not just short-term labour shortages but what looks like longer term short falls.
C P Timber Recognised in National Timber Trade Journal Awards 2021
Streets’ client C P Timber, based in Hertford, have recently been awarded Hardwood Trader of the Year in the industry’s Timber Trade Journal Awards 2021. The Awards recognise service excellence and product quality across the timber industry in the key areas of wood-based panels, softwood, hardwood, joinery, structural timber systems and garden products.
SmartMoney Magazine – November/December 2021
SmartMoney is the bi-monthly magazine from Streets Financial Consulting plc, our independent financial planning arm, full of news and helpful information on personal financial planning.
