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Challenges for 2021-22

The new tax year starts 6 April 2021, and without dwelling too much on the historical trickery that has landed us with this odd commencement date, what are the challenges we will need to grapple with in the coming year?...

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New National Minimum Wage rates apply from 1 April 2021

Employers who have employees paid at the National Living Wage (NLW) or National Minimum Wage (NMW) rates should be applying new rates of pay from 1 April 2021. In full, the increases from April 1, 2021 are: NLW (23 )...

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Recently self-employed?

If you became self-employed after 5 April 2019 and you have submitted your 2019-20 tax return before 2 March 2021, you may be eligible for the next two Self-Employed Income Support Scheme (SEISS) grants for the quarter end 30 April...

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Temporary extension of loss relief carry-backs

Many businesses across the UK are likely to make losses in the 2020-21 tax year due to the havoc resulting from COVID disruption. Which was why the announcement in the recent Budget that losses can be carried back for an...

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Furlough scheme changes from 1 July 2021

The government has confirmed its intention that furloughed employees will be paid 80% of their wages for hours not worked under the furlough scheme. Up to 30 June 2021, this payment will be fully-funded by government and capped at £2,500...

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Small Business Brexit Support Fund

Since 15 March 2021, smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. The £20 million SME Brexit Support Fund enables traders to access...

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Super-deductions, what are they?

Perhaps the most innovative give-away in the recent budget was “Super-deductions for investment expenditure”. What does this mean? Companies that invest in qualifying plant and machinery in the period from 1 April 2021 to 31 March 2023 will benefit from...

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New funding for high streets and seaside resorts

The government has announced new measures to support a safe and successful reopening of the high streets and seaside resorts ahead of the summer season. A new £56 million Welcome Back Fund will help councils boost tourism, improve green spaces...

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The Finance Bill 2021

An outline of the Finance Bill 2021 has been published and provides the legal framework for changes announced in the recent Budget. We have reproduced below the published text. This is subject to scrutiny by parliament and may change before...

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HMRC clarifies furlough queries

HMRC has recently clarified the action you need to take if you have claimed too little or too much under the furlough scheme (Coronavirus Job Retention Scheme). They are published in a FAQ format. Here’s what they say: What if...

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