Posted 15/10/2021 The deadline to complete a tax return for the 2020 to 2021 tax year is approaching. The tax return deadline for the 2020 to 2021 tax year is 31/10/2021 for those completed on paper forms and 31/01/2022 for online returns. This year, you will also have to declare if you received any grants…Read More
Posted 12/10/2021 The HMRC guidance has been recently updated to reflect the fact that employees can no longer be furloughed using the Coronavirus Job Retention Scheme. The scheme ended on 30 September 2021. If any of your employees are working from home due to coronavirus (COVID-19), either because your workplace has closed, or they are…Read More
Posted 24/09/2021 If you are a business that manufactures or imports 10 or more tonnes of plastic packaging over a 12-month period you will need to register for the tax. This is regardless of whether you will have to pay any tax. This includes importers of packaging which already contains goods, such as plastic bottles…Read More
Posted 23/09/2021 The reduced VAT rate of 5% ceases on 30th September 2021. Following this, an interim rate of 12.5% will be in place for a further six months with the standard rate of 20% returning in April 2022. For the full details including the Flat Rate Scheme, The Tour Operators Margin Scheme, Retail Schemes…Read More
Posted 22/09/2021 If you are eligible for the latest SEISS grant you have until 30 September to apply. Reporting SEISS grants on tax returns SEISS grants are taxable and subject to National Insurance contributions, you should report any SEISS grants received on or before 5 April 2021 on the 2020-21 Self-Assessment tax return (filing deadline…Read More
Posted 21/09/2021 The CJRS is due to close on 30th September 2021. For September, employers can claim 60% of furloughed employees’ usual wages for the hours not worked, up to a cap of £1,875 per month per employee. They’ll need to contribute 20% from their own funds so that furloughed employees continue to be paid…Read More
Posted – 20/09/2021 From April 2022 there will be a temporary 1.25% rise in National Insurance Contributions (NICs) paid by both employers and workers. From April 2023, this will then be replaced by a new 1.25% Health & Social Care Levy which will be shown as a separate line on an employee’s payslip. Individuals above…Read More
Posted 21/07/2021 The same basic eligibility applies as for the previous grants: Must have traded in 2019/20 & 2020/21 tax years Submitted your 2019/20 tax return on or before 2nd March 2021 Trading profits of no more than £50,000 Trading profits at least equal to your non-trading income n.b. you do not have to have…Read More
Here is a quick reminder on reporting the sale of residential property… Whoever said that tax was simple! You now need to report the sale of residential property and any capital gain arising to HM Revenue & Customs within 30 days of the sale, you will also need to make payment of any tax due…Read More
Posted 15/06/2021 The UK Government will continue to pay 80% of your furloughed employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, to the end of June. In July, CJRS grants will cover 70% of employees’ usual wages for the hours not worked, up to a cap of…Read More
Posted 23/03/2021 With the introduction of the IR35 reforms on 06/04/2021, many clients are now choosing to offer work through Umbrella Companies. What is an Umbrella Company & What Do They Do? The Umbrella company will be your employer and will invoice the client for the work that you complete. From the fee that the…Read More
Posted 22/03/2021 The Restart Grant scheme supports businesses in reopening safely as COVID-19 restrictions are lifted. Grants will be available from 1 April 2021, but you can submit applications in advance. Eligible businesses in the non-essential retail, hospitality, accommodation, leisure, personal care and gym sectors may be entitled to a one-off cash grant of up…Read More
Posted 22/03/2021 What is IR35? The IR35 rules were introduced so that workers, who provide their services through their own Limited Company (Personal Service Company or PSC) , pay broadly the same Income Tax & National Insurance Contributions as employee’s. If you are a PSC worker providing your services in the same was as an…Read More
Posted 16/03/2021 The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnover. Traders can apply for up to £2,000 in total through two types of grants: Grant for Training: The grants can…Read More
Posted 15/03/2021 Closed Businesses Lockdown Payment – England Eligible businesses may be entitled to a one-off cash grant of up to £9,000 from their local council. Local councils will pay the same businesses that are eligible to receive the Local Restrictions Support Grant (Closed) Addendum for the national lockdown period that began on 5 January.…Read More
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