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Company cars - lots of changes! Take extra care when reporting company cars on Form P11D over coming weeks. For 2020/21, there were significant changes to the percentages that need to be applied to the list price of a car when calculating a benefit, namely: ...
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Coronavirus support measures Furloughing extended again The Coronavirus Job Retention Scheme (CJRS) for furloughed workers has been extended until 30 September 2021. Currently, the worker must receive a minimum of 80% of ‘normal’ pay for their furloughed hours and this will continue through to September ...
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Events don’t always turn out as expected. For example, you may need to wait for a later profit or loss to arise before you can judge whether it’s right to elect to change the tax treatment of an earlier transaction. This is why the law ...
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Managing Partner of Clarke Nicklin Chartered Accountants, Andrew Baggott, in this video discusses the things you need to consider regarding business acquisitions. To discuss an acquisition, please contact Andrew on 0161 495 4700 ...
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Working at home allowance Where you are required to work at home, your employer can pay you a tax-free allowance of £6 per week (or £26 per month). For periods before 6 April 2020, the tax-free allowance was £4 per week (or £18 per month) ...
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Tipping points When your total income reaches certain thresholds, it tips any extra income into a tax band where a higher rate of tax is charged. This can also mean you lose part or all of your Savings Allowance, Child Benefit, Personal Allowance, or Pensions ...
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Timing is everything The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by moving income and expenditure between accounting periods. For instance, advancing the acquisition of assets to just within your current ...
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Changes to the Coronavirus Job Retention Scheme (CJRS) Calculations Government guidance on calculating how much you have to pay your furloughed employees for hours on furlough and how much you can claim back has been updated with new maximum wage tables and claim dates. Calculate ...
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Digital accounting software does various accounting and bookkeeping tasks for you, which allows businesses to store your financial data in one place connected via the internet. There are many advantages to having digital accounting software for your business, and Director, Gareth Jones, discusses these advantages ...
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Innovate to accumulate Companies that invent new production methods or products can claim enhanced tax relief for the Research and Development (R&D) costs. Small and medium-sized companies can claim 230% of qualifying R&D costs and a 14.5% payable tax credit if this extra deduction results ...
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VAT on digital services UK businesses that sell digital services (such as eBooks or software) to nonbusiness customers in EU countries are now required to register for VAT in each of the EU countries where their customers belong and apply the correct local VAT rate ...
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Benefits-in-kind Many employees were required to work at home in 2020. Their employers may have helped facilitate this by providing equipment or paying to boost their home internet service. Generally, these costs are not taxable on the employee if there is no significant private use ...
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