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 […]
Date What’s Due 01/10 Corporation tax for year to 31/12/20, unless quarterly instalments apply 05/10 Deadline for notifying HMRC of chargeability for 2020/21 if not within Self-Assessment and receive income or gains on which tax is due 19/10 PAYE & NIC deductions, and CIS return and tax, for month to 5/10/21 (due 22/10 if you […]
The announcement of the proposed changes to NICs and tax on dividends more than six months before they take effect means that there is time to reduce the impact. Employees could consider agreeing a salary sacrifice arrangement with their employer, for example sacrificing their £5,000 annual bonus for an additional pension contribution paid by their […]
