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Spring Budget 2021 – Income Tax Rates & Allowances

4 Mar 2021

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: £12,500) and the basic rate limit to £37,700 (2020-21: £37,500). As a result, the higher rate threshold will increase to

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Spring Budget 2021 – Corporation Tax

4 Mar 2021

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next 2 years. The main rate had been expected to increase to help pay the massive costs of the coronavirus pandemic to the public purse.

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Spring Budget 2021 – CJRS and SEISS schemes extended

4 Mar 2021

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021. The Chancellor confirmed that employees will receive up to 80% of their salary for hours not worked subject to a monthly

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Spring Budget 2021 - Government backed loan schemes

4 Mar 2021

The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021. The Chancellor did not announce any further extension

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Spring Budget 2021 - Capital allowances

4 Mar 2021

Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary tax relief applies on qualifying capital asset

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Spring Budget 2021 - VAT

4 Mar 2021

It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for VAT will be frozen at £85,000 until 31 March 2024. The taxable turnover threshold that determines whether

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Budget Summary - March 2021

3 Mar 2021

More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following Budget summary is split into four sections: COVID-19 related support measures

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Capital or debt?

2 Mar 2021

What is the difference between capital and debt, and why is the distinction important? One important distinction is that capital represents the amount of funds introduced by shareholders, partners or sole traders plus any retained profits that the

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What is pensions credit?

2 Mar 2021

Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you

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Claiming Self-Employed Income Support Scheme grants

25 Feb 2021

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November and December 2020, and January 2021. This meant that a maximum grant for the three months of £7,500 was made

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Inheritance Tax - tax-free gifts

25 Feb 2021

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2020-21 tax year that ends on 5 April 2021. You can give away up to £3,000 worth of gifts each tax year. This is known as your

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Capital Gains Tax exemptions

25 Feb 2021

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2020-21 is £12,300. A husband and wife each have a separate exemption.

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Government to publish range of tax consultations

25 Feb 2021

In a recent HM Treasury press release it has been confirmed that the government will publish a number of tax-related consultations and calls for evidence at the end of March. These consultations would usually be published on Budget day but instead

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VAT Agricultural Flat Rate Scheme

25 Feb 2021

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT Agricultural Flat Rate Scheme is a variant of the flat rate scheme specifically designed for farmers and other activities relating to

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Outcome of the Uber case

25 Feb 2021

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously upheld the decisions of earlier courts and has found that Uber drivers are ‘workers’ and not self-employed as Uber has tried to argue. The

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Tax Diary March/April 2021

25 Feb 2021

1 March 2021 - Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 - Self-assessment tax for 2019/20 paid after this date will incur a 5% surcharge. 19 March 2021 - PAYE and NIC deductions due for month ended 5 March 2021.

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Emerging from lockdown

23 Feb 2021

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social interactions and businesses is achieved without significant increases in infection, after 21st June 2021, there

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What is overtrading?

23 Feb 2021

A reminder that traders who buy and sell goods - wholesalers or retailers - need to be wary of the financial consequences if, as expected, pent up consumer activity leads to a surge in demand for your products from July 2021 or earlier if you can

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Marriage Allowance tax break

18 Feb 2021

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of up to £1,188 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim. The marriage allowance is available to

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Added protection for pension savers

18 Feb 2021

The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of important pensions-related issues and has faced a long journey through parliament, starting in October 2019, that included delays due to both Brexit and

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Simplified export declarations

18 Feb 2021

Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU as well as to the rest of the world. Businesses can make customs declarations themselves or hire a third party such as a

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Guidance for paying deferred VAT updated

18 Feb 2021

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020. The option for businesses to defer their VAT payments ended on 30 June 2020. There are two options

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Tax breaks working from home

18 Feb 2021

Employees who are working from home may be able to claim tax relief for any additional costs due to home working. No tax relief will be due if employers reimburse employees for the additional household expenses incurred. The tax relief covers

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Buying equipment for your job

18 Feb 2021

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief. In most cases they can claim relief based on the full cost as it usually qualifies for a type of capital allowance called the Annual

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How much do your customers owe you?

17 Feb 2021

Many business owners are buoyed by turnover; if it’s sold it’s as good as money in the bank, but is it? What are your credit terms? How many days do you allow your customers to keep your money before insisting they pay you? 30 days is probably the

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