If you need to file a self-assessment tax return for the year to 5 April 2021, you have until midnight on 31 January 2022.
Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. Need help with getting digital? Talk to us
A tax charge may arise if an employee is able to use a company car or van for private use. Talk to us today
Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee. However, special rules apply which modify this rule if you pay your employees earlier than usual over the Christmas period. This may be the case if you shut down over Christmas and New Year.
Christmas is a time of giving, and you may wish to give your employees a small token of your appreciation for their work during the year. To prevent the gift being accompanied by an unwanted tax liability, you can take advantage of the trivial benefits exemption to keep the gift tax-free.
If you are holding a Christmas party for staff this year, you may want to take advantage of the tax exemption for annual parties and functions to prevent your employees from suffering a benefit-in-kind tax charge.