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 …
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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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4 minutes to readThe Government have once again extended the deadline for Making Tax Digital for Income Tax Self Assessment (MTD ITSA). Following the Government announcement and publication of a new Statutory Instrument on 23 September 2021, further details of the new digital tax administration system have been released including who is affected and how this new system …
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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 …
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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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2 minutes to readSelf Employed Income Support Scheme (SEISS) – further grants The SEISS has been extended for a further six month period, with further grants being available for two separate three month periods from 1 November 2020 to 31 January 2021 and 1 February 2021 to 30 April 2021. The third grant covering the period November 2020 …
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4 minutes to readJob Retention Scheme Extended The Job Retention Scheme (JRS), first introduced in March 2020, has been extended until 31 March 2021, to support business through the new national lockdown in place from 5 November. The level of support under the extended JRS will match that of the original scheme in August, in that the Government …
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