Employment Allowance gives SMEs £1,000 boost

3 minutes to read For small businesses one of the most welcome announcements from this year’s Spring Statement was the increase to the Employment Allowance. Chancellor Rishi Sunak raised the allowance from £4,000 to £5,000, which the government says will benefit around 495,000 businesses, or almost a third of all UK firms. We look at the Employment Allowance, who …

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

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 …

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

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 …

Coronavirus – Business grants up to £6,000 available

< 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 …

Making the most of tax losses

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 …

Budget 2021: Corporation tax, no big surprises

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 …

Making Tax Digital for Self-Assessment

4 minutes to read The 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 …

Making Tax Digital – Deferred

< 1 minute to read Government 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.

PM confirms introduction of Health and Social Care Levy

< 1 minute to read PM 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 …