FULL BUDGET SUMMARY MARCH 2021
If you missed the full Bryden Johnson Budget Summary it can be found here. Bryden Johnson Budget Summary 2021 If you have any questions relating to matters in the Budget 2021 please contact us.
Free rapid tests for all businesses for regular workplace testing and Income Tax exemption for employer-reimbursed coronavirus antigen tests for tax year 2020-21 and 2021-22
Workplace testing now available to all businesses, including those with fewer than 50 employees. Businesses are encouraged to register interest by 31 March to access free workplace testing. As part of the government’s roadmap to cautiously lift restrictions, businesses of all sizes, including those with fewer than 50 employees, can register from today to order […]
INTERNATIONAL WOMEN’S DAY 2021
To mark International Women’s Day on 8th March we’ve been celebrating the many achievements of women in mathematics throughout history. There are many more stories and amazing women working now to increase the visibility of women in STEM, but hope these snapshots provide a little inspiration. Hypatia (c350-370 AD) Hypatia was a mathematician, astronomer and philosopher […]
Research and Development (R&D) tax relief
A cap on the amount of R&D tax credit which can be paid to a loss-making small or medium-sized enterprise (SME) will be introduced for accounting periods which commence on or after 1 April 2021 Prior to the introduction of the cap, loss-making SMEs incurring qualifying expenditure on R&D activities are allowed to make a […]
Apprenticeships and traineeships – Budget 2021 update
High quality traineeships for young people The government will provide an additional £126 million in England for high quality work placements and training for 16-24 year olds in the 2021/22 academic year. Employers who provide trainees with work experience will continue to be funded at a rate of £1,000 per trainee. Payments for employers who […]
The Coronavirus Job Retention Scheme (JRS)
The current JRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer: Can claim 80% of ‘usual salary’ for hours not worked, up to a maximum of £2,500 per employee (pro-rated for hours not worked) per […]
BUY NEW EQUIPMENT BEFORE 6 APRIL?
Your business year end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). The AIA provides a 100% tax write […]
TAX DIARY MARCH/APRIL 2021
Date What’s Due 1/03 Corporation tax payment for year to 31/5/20 (unless quarterly instalments apply) 19/03 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/21 (due 22/03 if you pay electronically) 1/04 Corporation tax payment for year to 30/6/20 (unless quarterly instalments apply) 5/04 End of 2020/21 tax year. Tax […]
2021/22 NATIONAL INSURANCE BANDS
The thresholds for employee and employer national insurance contributions (NICs) have been increased by £1 a week for the 2021/22 tax year. Employees will be liable to 12% NICs between £184 and £967 a week (£50,270 a year). Employer contributions will start at £170 a week. The self-employed will pay 9% Class 4 NICs on […]
ADVISORY FUEL RATE FOR COMPANY CARS
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p 1600cc or less 9p (8p) 1401cc to 2000cc 12p (11p) […]