Claims for the fifth grant under the Self-Employment Income Support Scheme (SEISS) will open from late July. If, based on your tax returns, HMRC think that you are eligible for the grant, they will contact you in mid-July and give you a date from which you can submit...
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...
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...
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,...
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...
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....
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...
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...
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...
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,...
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...
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...
: :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...
