Month: May 2022

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New Bill protects consumers access to cash

The new Financial Services and Markets Bill, announced during the recent Queen’s Speech at the state opening of parliament, will support consumers by protecting access to cash. It will ensure the continued availability of withdrawal and deposit facilities across the...

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Saving for a rainy day

The more draconian government interventions introduced to control the COVID outbreak have challenged all of us, businesses and individuals, to consider the notion that we can no longer rely on our jobs or businesses to effortlessly produce the income we...

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Elastic or inelastic?

Would demand for the products or services you sell vary with price increases or decreases? This conundrum is considered by the term elasticity in economic circles – how demand changes when prices change. If demand for your products is elastic,...

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Investing to increase profits

The UK tax code has numerous reliefs and allowances that reduce tax when businesses invest in qualifying assets. Some of the reliefs allow up to 100% of the invested cost to be written off against taxable profits and companies can...

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High energy industries attract increased support

The other side of the recent hikes in consumer energy costs – taking their toll on take-home pay across the UK – are the similar cost increases for industry. Focussing on high-energy users, the government recently announced the following increased...

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Dividends hit by NIC increase

Dividends are a distribution of company profits to shareholders. Historically, they have been taxed as unearned income – no National Insurance deductions. This is still the case, but the Treasury have decided that the recent increase of 1.25% in National...

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Employment Allowance increase

The Employment Allowance has risen from £4,000 to £5,000 – meaning smaller firms will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bills. Announced by the Chancellor at last month’s Spring Statement to reduce...

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Using your private vehicle for business journeys

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business. The present agreed rates per mile are: Cars and vans - 45p per mile for the first 10,000 miles...

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New internet laws return to Parliament

Parliamentarians will debate the government’s ground-breaking Online Safety Bill which requires social media platforms, search engines and other apps and websites allowing people to post content to improve the way they protect their users. Ofcom, the regulator, will have the...

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Tax Diary May/June 2022

1 May 2022 - Due date for corporation tax due for the year ended 30 July 2021. 19 May 2022 - PAYE and NIC deductions due for month ended 5 May 2022. (If you pay your tax electronically the due...

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