Important Tax News

  On the 30th of October, the Chancellor Rachel Reeves announced the 2024 Budget. Key measures that will affect individuals across the country: National living wage rising by 6.7% to £12.21 per hour. Working-age benefits increasing by 1.7% in line with inflation. State pension rising by 4.1% under Triple Lock. CGT rates increasing to 18%…

One of the most popular misunderstandings about receiving a payslip, is the assumption your tax code is automatically correct. In the majority straight forward circumstances, it will be. Employed in one job from 6th of April until the 5th of April the following year and earning under £100,000? You will likely be on a 1257L…

HMRC has produced an updated list of who needs to complete a tax return. We have found there is a lot of confusion about when you need to complete a tax return to HMRC and when you don’t. Getting this part wrong can be expensive, with late filing fines of up to £1,200 being issued.…

The 2021.22 tax year has now begun and 2020.21 tax returns can be filed with HMRC with tax due by the 31st of January 2022. The personal tax allowance is similar to the previous tax year at £12,570. It is important to remember that any grants and SEISS payments received in the last 12 months,…

As part of the 2021 Budget, the Chancellor announced there would be a fourth and fifth self employment grant available. The fourth grant focuses on an adverse trading period covering February to April. It is based on the last four years of trading results from 2016.17 to 2019.20 (previous grants have only covered up to…

On the 3rd of March 2021, the Chancellor, Rishi Sunak delivered the 2021 Budget to Parliament. The key highlights for business owners include: The Job Retention scheme (Furlough) has been extended to now end on the 30th of September 2021. From July 2021, employers will contribute 10% towards the furlough scheme and then August and…

Updated as of the 5th of April for new measures announced by the Chancellor As part of the Covid-19 measures, the Chancellor announced a new Business Loan Interruption scheme for small businesses offered loan of up to £5 million for small and medium enterprises, through the British Business Bank. Initially these were going to be…

Making Tax Digital, the HMRC initiative for VAT registered businesses who are trading over £85,000 in annual sales as if 1 April 2019, is almost upon us. If your VAT quarter ends on the 30th of June 2019, then you will need to submit your VAT return via Making Tax Digital approved software, by the…

Chancellor Philip Hammond announced the last Budget before Brexit, on Monday the 29th of October 2018. As the country heads towards a period of uncertainty, it was in all, a fairly good Budget, with a host of increased tax allowances, many of which were brought forward and the deferral of upcoming changes to IR35 contracts…