Summary of TAXANGLES Newsletter - January 2021

What tax do I need to pay by 31 January 2021?

In this edition, the newsletter discusses the important tax deadlines approaching, specifically focusing on the self-assessment tax return for the 2019/20 tax year. It highlights the penalties for missing the deadline and emphasizes the need to pay any outstanding tax by 31 January 2021. The article also mentions the option to defer the second payment on account for 2019/20 due to financial struggles caused by the Covid-19 pandemic.

Make the most of the dividend allowance

As the 2020/21 tax year comes to an end, the newsletter advises on utilizing the dividend allowance effectively. It explains how dividends are taxed based on different income bands and provides strategies for personal and family companies to optimize the use of dividend allowances. The article includes a detailed example illustrating how different classes of shares can be used to distribute dividends tax efficiently among family members.

Reclaiming SSP for periods of self-isolation

Employers can benefit from the Coronavirus Statutory Sick Pay Rebate Scheme to reclaim Statutory Sick Pay (SSP) paid to employees during Covid-19-related absences. The eligibility criteria and process for reclaiming SSP related to periods of self-isolation are outlined, emphasizing the importance of understanding the rules for SSP payments in such circumstances.

January 2021 - Flipbook by Fleepit