As usual, the new tax year heralded minor changes to tax and NI rates. However, 2021/22 has also brought with it a number of other significant changes for employers and businesses. Should any of these be showing on your radar? The long-delayed changes to the off-payroll (IR35) rules took affect on 6 April. Individuals who … Continue reading New tax year brings key changes
The property allowance was introduced in 2017. It allows you up to £1,000 tax-free income from property as a simple alternative to claiming expenses in some circumstances. How does it work and when is it worth claiming? Start date After a false start two brand new tax-free allowances were introduced in April 2017; one for … Continue reading Can you claim the tax-free property allowance?
The highlights of the Chancellor's announcement: Coronavirus support the Coronavirus Job Retention scheme (furlough scheme) will be extended until the end of September 2021. From an employee’s perspective nothing will change but employers’ contributions will increase starting in Julythe fourth tranche of the Self-Employment Income support Scheme will go ahead and there will be a … Continue reading Budget Summary March 2021
Today the Chancellor announced the introduction of the Job Retention Bonus. This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees. To be eligible, employees will … Continue reading Mini-budget July 2020
HMRC has announced that the introduction of the domestic reverse charge for construction services will be delayed until 1 March 2021 due to the impact of the coronavirus pandemic. What do you need to know? What is the reverse charge? Rules are being introduced to tackle VAT fraud within the construction industry. The reverse charge … Continue reading VAT reverse charge for construction services delayed due to coronavirus
Following the widespread uptake of the Coronavirus Job Retention Scheme, the government announced that it would also launch a support scheme for the self-employed. Can you benefit? Open. The government’s Self Employed Income Support Scheme (SEISS) opened for claims on Wednesday 15 May. The scheme allows you to make a claim if your business has been … Continue reading Covid 19 -Self Employed Income Support Scheme
It's another New Year , but somethings never change as far as HMRC is concerned. Every month there are key deadlines and dates to remember. Overlook one and you risk incurring the wrath of HMRC. In January alone there are potentially nine things to get right, ranging from paying your corporation tax to filing a … Continue reading Never miss another tax deadline!
The Chancellor has announced the date for the first Budget in more than a year. What can you expect? What tax adjustments are expected? The Conservatives' manifesto mentioned a 1% increase to R&D tax credits and the structures and buildings allowance, along with a £1,000 increase to the employment allowance. The party promised that it … Continue reading The Budget has been set for 11 March 2020
This will not affect everyone one but if you inherited a property several years ago which you keep as a weekender. You want to retain the property but reduce its value in your estate for inheritance tax purposes. Is it possible to achieve both of these goals? It’s no give-away As you probably know, where … Continue reading How to minimise IHT if you own more than one property
The Chancellor has announced the date for the first post-Brexit Budget. What can we expect? Whats in store for us? Announcement. Sajid Javid said "This will be the first Budget after leaving the EU. I will be setting out our plan to shape the economy for the future and triggering the start of our infrastructure revolution". What … Continue reading The Budget has been set for 6th November 2019