Anna’s Accountancy Alerts – Week 33 (15th – 21st November 2021)

Black Friday online shopping

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HMRC’s cryptocurrency nudge letters

Nudge letters are designed to remind taxpayers of their responsibilities to report income or gains through self-assessment or, if they are not registered for self-assessment, to notify it that they have transactions to report.

If you’ve sold cryptocurrencies and haven’t checked if you made a gain or loss, do it now and notify HMRC if you need to declare it. If the transaction was in 2020/21, do this on your self-assessment return for that year.

Directors’ loan

Where a director owes money to their company at the end of its accounting period, any part of the debt which isn’t repaid within the following nine months is liable to a special tax payable by the company known as a s.455 charge. The rate of that tax is tied to the higher dividend tax rate. Therefore, it will

increase to 33.75% on or after 1 April 2022.

Previously 32.5%.

Christmas PAYE arrangements

If you pay any of your employees early over the Christmas period you need to report the normal (contractual) payday as the payment date on your PAYE full payment submission (FPS). Also you need to submit the report to HMRC by the normal date. You do not need to submit the FPS on the actual payday.

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.