News

Spring Budget 2021 – Income Tax Rates & Allowances

04/03/2021

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: £12,500) and the basic rate limit to £37,700 (2020-21: £37,500). As a result, the higher rate threshold will increase to

More...

Spring Budget 2021 – Corporation Tax

04/03/2021

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next 2 years. The main rate had been expected to increase to help pay the massive costs of the coronavirus pandemic to the public purse.

More...

Spring Budget 2021 – CJRS and SEISS schemes extended

04/03/2021

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021. The Chancellor confirmed that employees will receive up to 80% of their salary for hours not worked subject to a monthly

More...

Spring Budget 2021 - Government backed loan schemes

04/03/2021

The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021. The Chancellor did not announce any further extension

More...

Spring Budget 2021 - Capital allowances

04/03/2021

Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary tax relief applies on qualifying capital asset

More...

Spring Budget 2021 - VAT

04/03/2021

It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for VAT will be frozen at £85,000 until 31 March 2024. The taxable turnover threshold that determines whether

More...

Budget Summary - March 2021

03/03/2021

More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following Budget summary is split into four sections: COVID-19 related support measures

More...

Capital or debt?

02/03/2021

What is the difference between capital and debt, and why is the distinction important? One important distinction is that capital represents the amount of funds introduced by shareholders, partners or sole traders plus any retained profits that the

More...

What is pensions credit?

02/03/2021

Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you

More...

Claiming Self-Employed Income Support Scheme grants

25/02/2021

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November and December 2020, and January 2021. This meant that a maximum grant for the three months of £7,500 was made

More...

Inheritance Tax - tax-free gifts

25/02/2021

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2020-21 tax year that ends on 5 April 2021. You can give away up to £3,000 worth of gifts each tax year. This is known as your

More...

Capital Gains Tax exemptions

25/02/2021

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2020-21 is £12,300. A husband and wife each have a separate exemption.

More...

Government to publish range of tax consultations

25/02/2021

In a recent HM Treasury press release it has been confirmed that the government will publish a number of tax-related consultations and calls for evidence at the end of March. These consultations would usually be published on Budget day but instead

More...

VAT Agricultural Flat Rate Scheme

25/02/2021

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT Agricultural Flat Rate Scheme is a variant of the flat rate scheme specifically designed for farmers and other activities relating to

More...

Outcome of the Uber case

25/02/2021

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously upheld the decisions of earlier courts and has found that Uber drivers are ‘workers’ and not self-employed as Uber has tried to argue. The

More...

Tax Diary March/April 2021

25/02/2021

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.

More...

Emerging from lockdown

23/02/2021

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social interactions and businesses is achieved without significant increases in infection, after 21st June 2021, there

More...

What is overtrading?

23/02/2021

A reminder that traders who buy and sell goods - wholesalers or retailers - need to be wary of the financial consequences if, as expected, pent up consumer activity leads to a surge in demand for your products from July 2021 or earlier if you can

More...

Contact Us

7 Bournemouth Road
Chandler's Ford, Eastleigh
Hampshire
SO53 3DA
Tel: 023 8026 2480

Memberships

 

 

Newsfeed Search


Follow Us