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It is crucial to stay on top of key tax dates to keep your financial affairs in order. Here’s a friendly reminder of the important tax deadlines this year.
Discover the suggested reimbursement rates for employees’ private mileage using their company car.
Now is the perfect time to review your finances and make sure you’re making the most of available tax reliefs and allowances.
It is that time of year again for staff parties and annual functions, so it is important to make sure you record it properly.
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%.
Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021 and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant covering May to September 2021.
The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked.
If you want to start selling your products or services online, Shopify provides the perfect platform to do so. Shopify is an e-commerce platform that provides businesses with the tools to create an online store. It is an incredibly popular platform and is used by over 1 million businesses worldwide.
The Treasury normally issue a bundle of tax consultation documents on Budget Day. This year however they chose to delay the publication until 3 weeks after the Budget. We were expecting the consultation documents to include major changes to CGT and IHT, but it would appear that these have yet again been delayed.
The Supreme Court has ruled that drivers for the ride hailing App Uber are workers not self-employed individuals and hence are entitled to holiday pay, pension rights and the right to be paid the national minimum wage.
In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the tail when the equipment is sold, as the clawback on disposal is potentially at the same 130% rate.
The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021.
In order to continue to support businesses and jobs in the hospitality sector, the reduced 5% VAT rate will continue to apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises across the UK until 30 September 2021.
The thresholds for employee and employer national insurance contributions (NICs) have been increased by £1 a week for the 2021/22 tax year. Employees will be liable to 12% NICs between £184 and £967 a week (£50,270 a year). Employer contributions will start at £170 a week.
European property owners face higher tax bills. Now that the UK has finally left the EU some taxpayers will start to see additional tax costs.
Is pension tax relief under the spotlight? One area where the Chancellor could raise a substantial amount of tax would be to restrict higher rate tax relief on pension contributions.
Here we will look at the key business trends to watch in 2021. The challenges faced by businesses in 2020 have driven firms across the world to develop, adapt and innovate. Here are some of the key business trends to watch in 2021.
Top tips for driving your Business Development (BD) efforts this year. BD is often misunderstood. Some might say that it’s all about relationships, another will say it’s all about sales and others will talk about marketing. They are all right, in a way. BD is the creation of long-term value for a firm, through effective management of customers, markets and relationships.
Now could be the time to review your will. Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once property is acquired or when children come along.
From 1 January 2021, you’ll need to make changes to how you complete your VAT Return if you’re a UK VAT-registered business and account for import VAT on your return for goods you import into: Great Britain (England, Scotland and Wales) from anywhere outside the UK Northern Ireland from outside the UK and EU.
The Chancellor recently announced that the temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery has been extended to 31 December 2021.
New VAT rules for the construction sector are finally due to come into effect this March which will impact on accounting for VAT for transactions.
Whilst it is not yet fully known what will happen, 31 December 2020 marks the end of the Brexit transition period for UK businesses.
Where possible taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed up amount donated.
For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a gross gift of £25. Where the individual is a 40% higher rate taxpayer he or she is able to claim a further £5 tax relief under self-assessment, reducing the net cost of their donation to £15.
Note that the donor is required to make a declaration that they are a UK taxpayer and those that have not suffered sufficient UK tax to support the Gift Aid amount will taxed on the shortfall.
Remember that Gift Aid does not just apply to gifts of cash. Many charity shops will now sell donated items on your behalf and are able to treat the sale proceeds as Gift Aided donations. It is also possible to gift quoted securities and land and buildings to charity and claim Gift Aid on the market value