The 130% super-deduction for companies that invest in new plant and machinery applies where the expenditure is incurred between 1 April 2021 and 31 March 2023. Many companies recovering from the coronavirus pandemic have not had the resources to commit thus far and the war in Ukraine may have made them reluctant to invest until […]
In the March 2021 Budget, it was announced that the normal one year carry back for trading losses would be extended to three years. That means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that earlier three-year period. This enhanced carry […]
The number of job vacancies in January to March 2022 rose to a new record of 1,288,000 according to the Office for National Statistics (ONS) latest labour market overview. The ONS also state that the unemployment rate for December 2021 to February 2022 decreased by 0.2 percentage points on the quarter to 3.8%. What is […]
Businesses need to lead the way in moving towards net zero carbon emissions. There is no quick fix so businesses need to start the journey now and move towards the ultimate goal of net zero, over the next few years. Here are some of the changes that you can implement in your firm. Switch to […]
Businesses and charities are being urged to strengthen their cyber security practices as new figures show the frequency of cyber-attacks is increasing. The National Cyber Security Centre (NCSC) has issued a note declaring it is not aware of any current specific cyber threats to UK organisations in relation to events around Ukraine, but is encouraging organisations to […]
In a measure announced in the Spring Statement to help all motorists – individuals, small businesses and hauliers – fuel duty for petrol and diesel is cut by 5 pence per litre across the whole of the UK. This measure took effect from 6pm on 23 March 2022 and is in place for 12 months
The Chancellor announced a UK wide, time-limited zero rate of VAT from April 2022 for the installation of energy saving materials. This will apply to installations such as rooftop solar panels. This is in addition to the extension of the VAT relief to include additional technologies and the removal of complex eligibility conditions.
Employers are able to claim the Employment Allowance which reduces their employer Class 1 NICs each year. In the Spring Statement, the Chancellor announced an increase from April 2022 of £1,000 for eligible employers to reduce their employer NICs by up to £5,000 per year. The allowance can be claimed against only one PAYE scheme, even […]
From April 2022, there will be a temporary increase in the rates of NICs payable for employees, employers and the self-employed as a transitional provision in readiness for the introduction of the Health and Social Care Levy from April 2023. With the increase to the thresholds announced in the Spring Statement, from 6 July 2022 employees […]
Increase in the National Insurance threshold and Lower Profit Limit Chancellor Rishi Sunak announced an increase in the annual National Insurance Primary Threshold and the Lower Profits Limit in his 2022 Spring Statement. Primary Class 1 contributions are paid by employees. To align the starting thresholds for income tax and National Insurance contributions (NICs) the threshold […]
