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Financial Insights and Expert Advice
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Whether you’re brand new to QuickBooks or you use it already, there’s always more to learn to ensure you’re maximising the resources you have available to you. Find out our top 3 tips
From 15 June 2021, all businesses and organisations will need multi-factor authentication in order to sign into the Government Gateway.
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds.
You can use a PAYE Settlement Agreement (PSA) if you wish to settle the tax liability arising on the provision of a benefit-in-kind.
As the Coronavirus Job Retention Scheme (CJRS) enters its final months, now is the time to review grants that you have claimed under the scheme, and pay back any amounts claimed in error. You may also choose to repay voluntarily funding that you have received under the scheme if your business does not need it. Some notable large companies in the retail and hospitality sectors have opted to do this.
Claims for the fifth grant under the Self-Employment Income Support Scheme (SEISS) will open from late July - Find out more
The residential stamp duty land tax (SDLT) threshold applying in England and Northern Ireland was temporarily ...
Although the furlough system was designed to keep workers employed, unfortunately, it doesn't protect them from being made redundant.
Shareholder disputes often arise on matters such as company strategy, salaries and dividends.
Disputes amongst ...
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.
Do you need to access financial help your business after the effects of the COVID-19 pandemic, the Recovery Loan Scheme may be for you.
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
How long do you need to keep your records for?
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 approach is adopted, you will need to determine your optimal salary level of 2021/22.
A garden office/outbuilding is normally considered a structure and therefore it is not possible to claim tax relief for the costs of the building/shed, even if it is moveable. This includes all costs of any planning, foundation work and installation.
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 the period, more people will pay tax, and more people will pay tax at the higher and the additional rates.
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.
The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023.
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. As we start the new 2021/2022 tax year, HMRC will be sending out your individual coding notices (usually via post); you may have already received yours.
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 are set out in a policy paper published by the Government.
Deadline for applying for COVID-19 finance extended
The Government launched four temporary Government-backed ...
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.
VAT-registered business could delay paying VAT where it fell due between 20 March 2020 and 30 June 2020.
The Job Support Scheme provides grants to eligible employers to enable them to pay employees who are working reduced hours as a result of the impact of the COVID-19 pandemic, or who are unable to work because the business has been required to shut as a result of lockdown restrictions. There are two strands to the scheme – one for open businesses and one for closed business.