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CIS contractors CIS subcontractors Construction Industry Scheme (CIS) COVID-19 Dividend income Employment income Income tax Non resident landlords PAYE Property income and buy to let (BTL) landlords Self Assessment tax return Taxation Services UK Taxation

Taxing times for UK taxpayers

Taxing times for UK taxpayers are upon us because of Coronavirus. Canalitix Accountants have created a set of income tax calculators and schedules to aid tax payers with their income tax planning. The income tax calculators will focus on the construction industry and buy to let (BTL) property investors. Prior to COVID-19, BTL property investors […]

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CIS contractors CIS subcontractors Construction Industry Scheme (CIS) Income tax Self Assessment tax return Self employment income Taxation Services

Construction Industry Scheme (CIS) Tax Rebate

Construction Industry Scheme (CIS) tax rebates are available to subcontractors. HMRC requires contractors to register for CIS and to verify subcontractors to determine the correct CIS deduction rates. CIS deductions are treated as advanced payments of Income Tax and National Insurance. CIS Deduction Rates Subcontractors registered with HMRC pay the standard 20% deductions, as opposed […]

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COVID-19 Dividend income Employment income Help with VAT PAYE CIS and Corporation Tax Help HMRC and Companies House filing deadlines Income tax IR35 implementation in the private sector IT Contractors PAYE Taxation Services The Coronavirus Job Retention Scheme UK Taxation

COVID-19: Ineligible furloughed directors

COVID-19: Ineligible furloughed directors are mostly those receiving a monthly tax-free salary of £719 per month for 2019/20. This issue relates to claims for Coronavirus Job Retention Scheme (CJRS) grants being rejected as ineligible. The companies affected are those where the directors have operated a payroll for themselves only and opted to receive a monthly […]

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COVID-19 Employment income Income tax IR35 implementation in the private sector IT Contractors PAYE Private and public sector contractors and consultants Taxation Services The Coronavirus Job Retention Scheme UK Taxation

COVID 19: Applying for 80% of furloughed staff wages

This article on COVID 19: Applying for 80% of furloughed staff wages looks at the eligibility and qualify criteria for employers planning to apply to HMRC for help under the government’s Coronavirus Job Retention Scheme. Coronavirus Job Retention Scheme Under the Coronavirus Job Retention Scheme, Employers who have had to put staff on furlough leave […]

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CIS contractors CIS subcontractors COVID-19 Income tax Self Assessment tax return Self Assessment tax return filing deadline Self employment income Taxation Services The Coronavirus Business Interruption Loan Scheme The Self Employment Income Support Scheme UK Taxation VAT

COVID-19: The forgotten self-employed

COVID-19: The forgotten self-employed are individuals who have started their self-employment businesses since 5th April 2019 and, as a consequence are excluded from claiming grants through the self-employment Income Support Scheme. Being self-employed is like walking a tightrope and trying to balance the demands of creditors, staff and bank overdrafts on the one hand while […]

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COVID-19 Deferral of VAT and Income Tax Income tax Self Assessment tax return Self Assessment tax return filing deadline Self employment income Taxation Services UK Taxation VAT VAT return filing deadline

COVID-19: Deferring VAT and Income Tax

The government has announced that they will support businesses during COVID-19 by deferring VAT and Income Tax payments. VAT will be deferred for 3 months starting from 20 March 2020 until 30 June 2020 and the self-employed will have their Self Assessment advance payment due in July 2020 deferred to January 2021. All UK businesses […]