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Category: Tax

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NI Increase / Social Care Levy

NI Increase / Social Care Levy The governement have announced that all rates of national insurance contributions and income tax on dividends will increase by 1.25 percentage points from 6 April 2022. This increase in rates will be rebranded as the ” health and social care levy” with effect from April 2023 and kept separate…
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Proposed change of accounting period for unincorporated businesses: are you ready?

Proposed change of accounting period for unincorporated businesses: are you ready? **UPDATE** – The government announced on 23rd September 2021 that the introduction of this has been postponed one year. **UPDATE** Are you self-employed? Or are you a partner in a trading partnership? If you are, you should be aware of the proposed changes to…
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How do share buybacks work?

How do share buybacks work? When you head up a limited company, there will come a time where one of your current shareholders wants to retire or leave the company. A share buyback is one way to deal with this. It’s possible that your existing shareholders won’t have the funds to buy the shares back from the…
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Budget 2021

Budget 2021 So today (3rd March 2021) the Chancellor has released his 2021 budget. Here are the details as announced so far with more to come over the next few days. If you prefer your updates by video click the play button below. The Furlough Scheme He has announced that the Job Retention Scheme, otherwise…
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Virtual Staff Xmas Party – The tax break

Virtual Staff Christmas Parties – The tax break Due to the coronavirus restrictions, many businesses will be unable to host the usual Christmas Party for employees. HMRC have are confirm that the annual parties’ exemption will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties.Therefore,…
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VAT or Income Tax Deferred due to Covid 19 and due in January 2021

VAT or Income Tax Deferred due to Covid 19 and due in January 2021 At the beginning of the coronavirus pandemic, the government gave individuals and  businesses the option to defer, until 2021, payments of Income Tax due by 31 July 2020 and VAT due in the period 20 March to 30 June 2020. This…
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Chancellor unveils new Job Support Scheme

The new Job Support Scheme What is it? • The Job Support Scheme is designed to protect viable jobs in businesses who arefacing lower demand over the winter months due to Covid-19, to help keep theiremployees attached to the workforce. The company will continue to pay itsemployee for time worked, but the burden of hours…
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Maintaining your NIC contributions record during Covid-19

Maintaining your NIC contributions record during Covid-19 The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their…
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Are the Coronavirus payments taxable ?

Tax implications of Covid-19 support payments Various support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and…
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SEISS – Second Grant

Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after…
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