Most company business owners understand that if you incur a cost that is wholly and exclusively for the purpose of your trade, then it can be deducted from your taxable profits or added to tax losses. Likewise, if companies invest in plant or other equipment that qualifies for tax relief, even though the expenditure is […]
The 2020/21 tax year comes to an end on 5 April 2021. As this date approaches, it is prudent to review your pension contributions and consider whether it would be beneficial to top up your pension before the end of the tax year. Is there a limit on tax-relieved contributions? Yes — tax relief is […]
One aspect of the recent budget will please self-employed business owners that have previously been unable to claim under the Self-Employed Income Support Scheme (SEISS) as they commenced trading after 5 April 2019. As long as you submitted your self-assessment tax return for 2019-20 before midnight 2 March 2021, and you meet the other qualifying […]
You may have noticed that a certain phrase came up more than once in the Chancellor’s Budget speech last week. The phrase went something like this: Allowances/rates will be frozen at this level until April 2026. That’s four years of flat-lining rates and allowances and it applies to income tax, capital gains tax, inheritance tax […]
1 March 2021 – Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 – Self-assessment tax for 2019/20 paid after this date will incur a 5% surcharge. 19 March 2021 – PAYE and NIC deductions due for month ended 5 March 2021. (If you pay your tax electronically […]
From April 2021, the National Living Wage (NLW) will be the statutory minimum wage for workers aged 23 and over. It currently applies to workers aged 25 and over. The reduction in the NLW age threshold follows a review of the structure of the National Minimum Wage youth rates and recommendations made by the Low […]
You can make a simplified declaration before you export your goods. This is called ‘presenting’ your goods to customs. The first part of your declaration does not need as much information as a full declaration. When it’s approved, you can export your goods or move them from your premises. You will still need to give […]
HMRC published the following press release on Valentine’s Day 2021. HMRC is encouraging married couples and people in civil partnerships to sign up for a tax break this year. Marriage Allowance offers individuals the chance to transfer part of their Personal Allowance to their husband, wife or civil partner, which could reduce their tax by […]
Employed persons If your employer requires that you work from home, this will apply to many employees during the various COVID lock-down periods, HMRC will allow you to claim for any extra costs associated with working from home. To save you calculating what these extra costs might be, HMRC has agreed a claim based on […]
COVID-19 related support measures for UK businesses The Treasury is to continue the two existing major support schemes in an attempt to hold back a significant increase in unemployment rates as business owners grapple with the effects of COVID-19 disruption. Details are set out below. Coronavirus Job Retention Scheme This scheme, nicknamed the Furlough Scheme, […]