Category: Industry News

2 minutes to read Employment status and employment rights are knotty issues.  The employment status and associated rights of the workforce of Pimlico Plumbers Ltd have been battled out at the highest judicial levels for years. There is now another verdict. What is the takeaway message if you run a business with a labour force that doesn’t fit the …

Continue reading "Holiday pay on tap: what you need to know about the Pimlico Plumbers"

3 minutes to read   At the March 2022 Spring Statement it was announced that there is an increase to the Employment Allowance from £4,000 to £5,000 as of 6 April 2022. It is estimated that around 495,000 businesses will benefit from this increase being almost a third of all UK firms. Tax cut of £1,000   An increase …

Continue reading "£1,000 Employment Allowance boost to SMEs"

< 1 minute to read It’s now a year since major change to the off-payroll working (OPW) rules. The OPW regime requires a decision on employment status to be made for tax purposes, broadly analogous to the decision required by the IR35 regime for those working through an intermediary, typically a personal service company. The government’s aim is that those …

Continue reading "IR35 and off-payroll: 2022 matters "

4 minutes to read Just over five years ago saw the introduction of the Spring Statements with the narrative that ‘The Chancellor will not make significant tax or spending announcements at the Spring Statement, unless the economic circumstances require it.’ Given the current economic circumstances it is therefore not surprising that the 2022 Spring Statement included some significant announcements. …

Continue reading "Spring Statement Update"

3 minutes to read If you sell or dispose of a property and make a profit on the sale, a “capital gain” will arise and you may have to pay Capital Gains Tax (CGT). The capital gain is calculated after taking the proceeds of sale and deducting the costs of acquisition and any enhancements costs, as well as incidental …

Continue reading "Thinking of Selling a Property? What you need to know – Capital Gains Tax!"

< 1 minute to read The Government is introducing a new tax on plastic packaging from 1st April 2022. The tax applies to manufacturers and importers of plastic packaging components that contain less than 30% recycled plastic. The tax will affect a very wide range of businesses due to its broad scope. This will apply to clients that import / …

Continue reading "Introduction of Plastic Packaging Tax – April 2022"

2 minutes to read Since April 2019, all VAT registered businesses with a taxable turnover above the £85,000 VAT registration threshold have needed to keep their accounting records digitally and submit their VAT Returns via MTD-compliant software. Those below the threshold were exempt from these requirements. From April 2022 all VAT registered businesses, yet to register for MTD for …

Continue reading "MAKING TAX DIGITAL FOR VAT – APRIL 2022 – WHAT YOU NEED TO KNOW"

< 1 minute to read Businesses can now apply for a financial grant worth up to £6,000 as government delivers funding to local authorities.   Businesses in England most impacted by the Omicron variant will be able to tap into the multimillion-pound support package in the coming weeks, as the government delivers funding to councils across the country. Businesses in the …

Continue reading "Coronavirus – Business grants up to £6,000 available"

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 read Budget 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 …

Continue reading "Budget 2021: Corporation tax, no big surprises"