Anna’s Accountancy Alerts – Week 21 (24th – 30th August 2020)

Start of small business and startup during covid-19 epidemic

PAYE Online Service For Reporting P11D, P11D(B) And P46(Car)

HMRC are currently redesigning the PAYE Expenses and Benefits service. Further information will be provided ahead of the release which is currently expected to be within the last quarter of 2020.

HMRC are looking for organisations that employ anywhere from 5 to 250 employees to participate in our User Research.

Take Part Here

This is your opportunity to contribute into the design process.

Self Assessment And Corporation Tax Repayments By BACS – A Quicker Way

In order to receive your Self Assessment (SA) or Corporation Tax (CT) repayment quickly and securely through BACS enter your bank details on the SA100 (Page TR6) or on the CT600 (page 11). HMRC will automatically make repayment by BACS if your banking details are included on your SA or CT return.

Stamp Duty Land Tax: Temporary Reduction In Residential Rates

From 8 July 2020 there is a temporary reduction in the amount of Stamp Duty Land Tax (SDLT) payable on purchases of residential property in England and Northern Ireland.  It will apply until 31 March 2021. The new rules increase the threshold for the nil rate band for residential SDLT from £125,000 to £500,000.

For purchases liable to the Higher Rates for Additional Dwellings, the 3% rate band is similarly increased from £125,000 to £500,000.

More details are available on GOV.UK on their Stamp Duty Land Tax information page.

Use the SDLT calculator to work out how much SDLT is due.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.