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 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
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
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
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
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
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.
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
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
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
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.
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
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
In an apparent U-turn, the Business Secretary has confirmed during a television interview that a proposed post-Brexit review of EU-derived workers’ rights, due to be carried out by the Department for Business, Energy & Industrial Strategy (BEIS),
If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,188 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim.
The marriage allowance is available to
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