Corporation tax complexity The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22. Large companies will then see their corporation tax rate rise from 19% to 25% from 1 April 2023. Companies making no more than £50,000 per year in profits […]
Measures to mitigate the impact of Coronavirus Extension of the Coronavirus Job Support Scheme (‘furlough payments’) to September 2021 across the UK, with employer contributions to salary from July Fourth Self Employment Income Support Scheme grant covering February to April 2021 to claim from late April, similar to first three grants – and newly self-employed […]
At the moment a small company has nine months to file its accounts with Companies House. A small company can also file less information at Companies House such as removing the profit and loss account. There is a consultation in progress to change the way small companies file information and this process which closed on […]
This will affect contractors and subcontractors in the construction industry and will apply from the 1st March 2021. It will apply if the subcontractor and contractor are VAT registered but will NOT apply if the work you do is zero rated. Subcontractors You will need to contact the contractor and find out if they […]
There has been much speculation on what the Chancellor may or may not do in this March 2021 budget. Most of the suggestions consider the necessity to clear the huge debt this country is now burdened with due to the pandemic. Some tax planning may be too late now such as selling a second property […]
There are a number of grants available now and it is important that you do not miss out. Business premises These grants will come from your local Council and application needs to be made on their website. If you haven’t already registered then do this to receive their emails for when the funding will be […]
With the debt increasing by the hour due to the Governments restrictions on trading businesses resulting from Covid-19, it is becoming very clear that the way the Government tries to balance its books must change. One such way, suggested by the ‘Wealth Tax Commission’, is to charge a wealth tax on anyone who’s wealth is […]
Third SEISS grant The online claims portal for the third self-employed income support scheme (SEISS.3) grant opened on 30 November. If you qualify for the grant you should receive a lump sum payment covering the three months from 1 November 2020. You have until 29 January 2021 to submit your claim. The grant is calculated […]
With the continued lock downs of Covid-19 it is unfortunate that some people who lent money to a trader may not be able to recover it. If the trader goes bankruptcy or into liquidation then there could be some relief by treating the lost money as a capital loss. This loss can be offset against […]
HMRC have launched their portal for employees who have to work from home and can claim the £6 per week tax allowance. For employees to be able to do this, the employer must confirm the employee has to work from home and there is no choice in the venue for the employee. To access this […]