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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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Please click HERE to access your 2021/2022 Pocket Guide Tax Data which summarises the main tax rates and allowances for the current year ...
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Taxpayers could be prevented from making further SEISS claims and may face an enquiry if they don't respond to HMRC's email by 22 March. The HMRC sent an email directly to established self-employed traders on 26 February 2021, asking them to prove that they are ...
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A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the COVID-19 pandemic. The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to ...
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Millions of UK workers to receive increase in pay from April 2021 following rise in the National Minimum Wage and National Living Wage. The National Living Wage will increase by 2.2 per cent from £8.72 to £8.91, and will be extended to 23 and 24 ...
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Budget 2021 – Key points Chancellor Rishi Sunak announced the contents of his Budget this week. Setting out the government's tax and spending plans for the year ahead, he announced new measures to help business and jobs through the pandemic and to support the UK's ...
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