by Pi Accountancy | Jul 2, 2021 | HMRC, SDLT, Taxes
The residential stamp duty land tax (SDLT) threshold applying in England and Northern Ireland was temporarily increased to £500,000 from 8 July 2020 to 30 June 2021 (extended from the original end date of 31 March 2021). From 1 July 2021 to 30 September 2021, a new...
by Pi Accountancy | Jun 29, 2021 | Business, COVID-19, Job Support Scheme
Furlough Redundancy Although the furlough system was designed to keep workers employed, unfortunately it doesn’t protect furloughed staff from being made redundant. But it doesn’t affect their redundancy pay rights if they are let go from their job amid...
by Pi Accountancy | Jun 23, 2021 | Business, Director
Shareholder disputes often arise on matters such as company strategy, salaries and dividends. Disputes amongst shareholders can cause particular difficulties in smaller businesses where shareholders are also directors and therefore need to make all board level...
by Pi Accountancy | May 26, 2021 | Business, Company Car, HMRC
Taxation of company cars What is taxation of company cars? If you are an employee with a company car, you will be taxed on the benefit derived from the car being available for your private use. If you are an employer who makes company cars available to your employees,...
by Pi Accountancy | May 25, 2021 | Business, COVID-19
Recovery loan scheme If you need to access finance to help your business recover from the effects of the COVID-19 pandemic, the Recovery Loan Scheme may be for you. Nature of the scheme The Recovery Loan Scheme is designed to provide access to finance in order to...
by Pi Accountancy | May 24, 2021 | Business, COVID-19, HMRC, Self Assessment, Taxes
To help businesses which have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back is extended from one year to three years. The extended carry-back period applies for both income tax and corporation tax...
by Pi Accountancy | May 22, 2021 | Business, HMRC, PAYE, Self Assessment, Taxes, VAT
Business records if you’re self-employed You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax....
by Pi Accountancy | May 21, 2021 | Business, Director, HMRC, Taxes
If you run your business as a personal or family company, you will need to decide how best to extract profits for your personal use. A typical tax-efficient strategy is to pay yourself a small salary and then extract any further profits as dividends. Where this...
by Pi Accountancy | May 12, 2021 | Business, COVID-19, HMRC, Self-Employed, Taxes, VAT
As more people are now working from home, the desire for a designated workspace has become a priority for many. The past year has forced many workers to fill up the dining table and any other flat surface available with monitors, computers, laptops, cables, Wi-Fi...
by Pi Accountancy | Apr 22, 2021 | HMRC, PAYE, Self Assessment, Self-Employed, Taxes
Thresholds and allowances frozen! To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather than increase the rates of income tax and capital gains tax. As incomes rise over...
by Pi Accountancy | Apr 19, 2021 | HMRC, Self Assessment, Taxes
If you are a taxpayer and you make a Gift Aid declaration when making a donation to a charity, the charity can reclaim basic rate tax on your donation. Tax relief on the donation A donation made under Gift Aid is treated as being made net of the basic rate of tax,...
by Pi Accountancy | Apr 8, 2021 | HMRC, MTD, Taxes, VAT
Corporation tax increase from April 2023 The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate of...
by Pi Accountancy | Apr 7, 2021 | Business, COVID-19, HMRC, PAYE, Self Assessment, Self-Employed, Taxes
Checking your tax code – 2021/2022 If you pay all or some of your income tax via PAYE, it’s important to check that you are on the correct Tax Code (CT). As we start the new 2021/2022 tax year, HMRC will be sending out your individual coding notices (usually via...
by Pi Accountancy | Apr 6, 2021 | Business, HMRC, Taxes
New capital allowances super-deduction Companies thank incur corporation tax can invest in new plant and machinery in the two years from 1 April 2021 are able to benefit from two new first-year allowances, including a super-deduction of 130%. Details of the measure...
by Pi Accountancy | Nov 3, 2020 | COVID-19, HMRC
Deadline for applying for COVID-19 finance extended The Government launched four temporary Government-backed schemes to provide finance to businesses struggling as a result of the COVID-19 pandemic: the Bounce Back Loan Scheme (BBLS); the Coronavirus Business...
by Pi Accountancy | Nov 3, 2020 | Business, SEISS, Self-Employed
Further extension to the SEISS To help self-employed individuals who continue to be affected by the COVID-19 pandemic, the Self-Employment Income Support Scheme (SEISS) has been extended for a further six months, from November 2020 to April 2021. Grants payable under...
by Pi Accountancy | Nov 3, 2020 | HMRC, Self Assessment, Taxes, VAT
: :More time to pay your tax bills In his Winter Economy Plan, the Chancellor, Rishi Sunak, unveiled measures which will allow self-assessment taxpayers and VAT-registered businesses more time to pay back deferred tax. New Payment Plan for VAT At the start of the...
by Pi Accountancy | Nov 3, 2020 | COVID-19, Job Support Scheme
Job Support Scheme The Job Support Scheme replaces the Coronavirus Job Retention Scheme from 1 November 2020. The scheme, which has already evolved since it was originally announced to provide a greater level of support, will run for six months until 30 April 2021....
by Pi Accountancy | Nov 3, 2020 | VAT
Postponed VAT accounting Postponed VAT accounting is being introduced from 1 January 2021. This will affect you if you are VAT-registered and you import goods into the UK, particularly if you are a smaller business and you do not currently use the Duty Deferment...
