Following the recommendations of the independent Low Pay Commission, the government will increase the NLW for individuals aged 23 and over by 6.6% from 1 April 2022. The government hasalso accepted the recommendations for the other NMW rates tobe increased. From 1 April 2022, the hourly rates of NLW and NMW will be: £9.50 for […]
No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of18% and 28% apply for certain gains, mainly chargeable gains on residential properties, with the exception of any element […]
Most corporate and unincorporated businesses are able to utilise a £200,000 annual investment allowance (AIA) to claim 100% tax relief on their qualifying expenditure on plant and machinery. The allowance was temporarily increased to £1 million for expenditure incurred on or after 1 January 2019 and was due to revert back to £200,000from 1 January 2022. […]
Business rates have been devolved to Scotland, Northern Ireland and Wales. The government announced at Budget 2020 that it would conduct a fundamental review of the business rates system in England. The government’s objectives for the review were reducing the overall burden on business, improving the current business rates system and allowing the consideration of […]
On 4 October the Chancellor Rishi Sunak announced a further extension of the incentive grants for employers hiring apprentices. The scheme, which offers grants of £3,000 to employers taking on a new apprentice, was originally due to close on 30th September 2021, but has been extended until January next year. There is still time to […]
UK businesses exporting to Europe can now access one-to-one advice via the new Export Support Service (ESS). The Export Support Service is a new government helpline and online service where all UK businesses can get answers to practical questions about exporting to Europe. It gives access to cross-government information and support in one place. All […]
As it is World Mental Health Day this Sunday it’s worth exploring what businesses can do to support their people and help them manage their mental health and well-being. Start with a plan Creating a mental health plan for your business can help you to promote wellbeing for your team. A typical plan might include […]
With many employees going back to work after the end of furlough support, and a gradual return to working back in the office many families will need to start thinking about re-adjusting childcare options. Employees should set up a “Tax-Free” Childcare Account if they haven’t already done so to help pay towards the cost of childminders, breakfast and after […]
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as the flats themselves are the dwellings not the building as a whole. HMRC have recently […]
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy to let landlords an extra year to […]
