For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]
The new “reverse charge” system of VAT accounting affects sub- contractors supplying their services to main contractors in the construction sector. Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain are no longer invoiced in the normal way. Under the new reverse charge system, the sub-contractor […]
Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021. The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act […]
HMRC has announced that over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral Payment Scheme to pay it in smaller monthly instalments. Businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They will now be […]
The Government has announced a £20 million support package for small businesses (SMEs) to mitigate some of the time and costs caused by the new Brexit rules. Michael Gove announced the SME Brexit Support Fund last week to help small and medium-sized businesses when trading with the European Union. The funding has been made available […]
If you’re an employer looking to create job placements for young people, you can apply for funding as part of the Kickstart Scheme. The scheme has changed, and you no longer need a minimum of 30 job placements to apply directly for a grant. You can now apply for a Kickstart Scheme grant by either: […]
As we near the end of the financial year, it’s an ideal opportunity to pause and review your personal finances. If you are choosing this period to review your current pension situation, it’s worth considering the following: Check what type of pension you have, does it offer flexibility? Many pensions schemes now offer the option […]
There has been a lot of speculation on what will be in Rishi Sunak’s second Budget in early March and whether there is any tax planning that you should consider in advance. The government will have to start reducing the £2 trillion of borrowings at some point and increasing tax rates is an option. What […]
Providing training for your team when they are working remotely can be challenging. Delivering a training session to a room full of people can be difficult enough. Engaging with your audience remotely presents a whole new challenge. The first thing to think about is the delivery method. Your firm may already have a webinar or […]
2019/20 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2021 unless you have agreed a payment plan with HMRC. Note that if the balance is still unpaid at the end of February 2020, a 5% surcharge penalty is added in addition to the normal interest charge unless […]
