Friday, July 30, 2021

Streets explore VAT changes, DLA and Self Employed Income Support Scheme in latest update

The latest Business Support Update from Streets Chartered Accountants takes a closer look at the Self Employed Income Support Scheme, VAT changes and Directors Loan Accounts.

Self Employed Income Support Scheme – the fifth grant

A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021. The grant is taxable and will be paid out in a single instalment. Guidance for claiming the grant will be available by the end of June 2021.

What is a Directors Loan Account (DLA) and what are the Tax Implications?

HMRC defines a director’s loan as money taken from your company that isn’t either:

  • A salary, dividend or expense repayment.
  • Money you’ve previously paid into or loaned the company.

You record all other withdrawals in your DLA. The ‘account’ part of the terminology isn’t a physical account, its simply the record you need to keep of the money that you withdraw and pay into the company. Each company director has to have their own DLA and retain records.

The Next Footings in the Property Market 2021

This online event is a special update for those interested in property matters, including investors, developers, and those with residential lettings. The last year certainly has been unprecedented for all including those involved and engaged in the property sector.

It is with this in mind that this update looks at both the potential short to longer term impact of COVID-19 and the effect recent changes in taxation will have on those engaged in the sector.

Keeping you up to date on VAT changes – June 2021

As always, there are many interesting points to pick up on, including case law reminding us of the VAT Penalties Regime and how it applies in the case of an understated HMRC assessment.

These include HMRC Digital Services Update, Simplifying the VAT Land Exemption, UK Case Law and three HMRC Updates – Change to VAT treatment of roller blinds, VAT liability of juice cleanse programmes and the VAT liability of charging of electric vehicles.

HMRC enquiries are on the increase as a new task force is announced. Will you have the protection of our Tax Enquiry Fee Protection Service?

Text Each year HM Revenue & Customs (HMRC) will undertake a number of tax enquiries into individuals and businesses in order to ensure that they have paid the right amount of tax.  Since 2010 HMRC have strengthened their approach from this point of view and there has been a year-on-year increase in the number of tax enquiries opened.

Humber Business Week 2021 – Working Lunch podcast series

Streets’ Working Lunch podcast was a special Humber Business Week mini series of The Streets Sessions, our business podcast. Last week we were joined by a special guest each day to find out more about their role and the organisation they work with and to gain an insight into what they think makes Hull a vibrant and diverse community and why it is a great place for enterprise.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.