4 minutes to readIn all things tax, time is definitely of the essence. Over the next four weeks, we take a look at the tax changes announced in 2022 which may affect your personal affairs, your family and business affairs. Checking your plans for the long term are arranged as tax efficiently as possible is always important, and …
Continue reading "Tax planning: Director-shareholders"
2 minutes to readWith the economic environment challenging, the government has announced today (19 December 2022) that self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD). The aim is now to implement the change gradually so that MTD works for everyone: taxpayers, tax agents, software developers, as well as HMRC. The significant …
Continue reading "Making Tax Digital: more time to comply"
4 minutes to readThe Chancellor of the Exchequer, Jeremy Hunt delivered his Autumn Statement on 17 November 2022, against a backdrop of record inflation and market instability. This was a Budget of balance, with none of the usual “rabbit out of the hat” announcements. Instead, the emphasis was on financial stability, creating growth and protecting public services. Mr …
Continue reading "Autumn Statement 2022"
12 minutes to read(Updated 1st Nov 2021) Over the course of the Covid-19 pandemic we have seen numerous Government measures designed to help businesses, from the furloughing scheme and deferred VAT payments to subsidised business loans. Many businesses will have made use of some of these schemes, and perhaps also received a (taxable) business rates grant. Nonetheless, many …
Continue reading "Making the most of tax losses"
3 minutes to readBudget 2021: Corporation tax – no big surprises By: Jacquelyn Kimber for AccountingWeb. As expected, it was a fairly quiet Budget as far as corporation tax changes were concerned. An increase in the main rate of corporation tax to 25% from April 2023 was announced in March 2021, alongside the introduction of a “super deduction” at …
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< 1 minute to readGovernment has confirmed the introduction of Making Tax Digital (MTD) for income tax will be deferred until April 2024 at the earliest. MTD for income tax had previously been expected to apply from April 2023. Furthermore MTD for partnerships has been delayed until April 2025. Find out more on the Government website here.
< 1 minute to readPM confirms introduction of Health and Social Care Levy The Prime Minister has today announced plans to implement a Health and Social care levy to fund care cost reforms. The levy will see workers paying an additional 1.25% of their wages over to the Government in order to raise the funds needed to improve health …
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4 minutes to readThe government are continuing to support businesses and individuals as we ease out of coronavirus restrictions by implementing new loan schemes as well as adapting the support schemes currently in place. Self-Employed Income Support Scheme The 5th Self Employed Income Support Scheme (SEISS) grant has been confirmed and will relate to the period from May …
Continue reading "Coronavirus Support Updates"
2 minutes to readSelf Employed Income Support Scheme (SEISS) – 5th Grant HMRC have confirmed that there will be a 5th SEISS grant which will cover the 5-month period from May 2021 to September 2021. Although official guidance has not yet been released by HMRC, it is expected that the eligibility criteria will be similar to that of …
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2 minutes to readEmployee Home Working Expenses With the Covid-19 pandemic meaning many businesses are closed or reducing the number of employees on site, working from home has become the norm for many employees. Employees who are required to work from home are able to claim a deduction against their taxable earnings for the additional associated costs such …
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