Tax Tips & News

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01/10/2021

October Tax Tips & News

Welcome to the E M Sheehan Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Latest news round-up

Rumours of an imminent rise in NI rates started to circulate at the beginning of September, and were confirmed on 7 September with the publication of the government policy paper Build Back Better: Our Plan for Health and Social Care. Read More...

Preserving FHL status for 2020/21

A qualifying furnished holiday let (FHL) enjoys a number of favourable tax breaks - including business asset disposal relief, and the ability to claim capital allowances and rollover relief - when compared with non-qualifying properties. Read More...

Freeports - the tax breaks

Eight new Freeports were announced earlier this year, with each offering operators within the sites a number of tax incentives. The sites are: Read More...

Buying a commercial building

When buying a commercial building, the price may include VAT if the vendor has opted to tax the property. If the buyer is VAT registered and will be using the building wholly for the purposes of the trade it will be able to reclaim this input tax. Read More...

October Questions and Answers

Q. I have been on the VAT flat rate scheme for several years. I have two business activities that fall into different categories with differing FRS percentages. I have apportioned VAT between the rates, but a chance conversation with an old colleague lead Read More...

October Key tax dates

1 - Due date for payment of Corporation Tax for accounting periods ending 31 December 2020 5 – Deadline to notify HMRC of tax liability where not already in self-assessment 7 - Electronic VAT return and payment due for quarter ended 31 August 2021 Read More...

About Us

E M Sheehan Accountants are based in Newry Mourne and Down, offering local business owners and individuals a wide range of services.

All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website emsheehan.co.uk for more information.

30A Greencastle Street Kilkeel Co Down BT34 4BH

E M Sheehan is a trading name of E M Sheehan Limited