“TEMPORARY” £1 MILLION ANNUAL INVESTMENT ALLOWANCE EXTENDED
Businesses investing in plant and machinery will welcome yet another extension in the 100% Annual Investment Allowance (AIA) until 31 March 2023. The 100% relief was scheduled to revert to £200,000 on 1 January 2022. This deduction is available to unincorporated businesses as well as limited companies and the equipment does not have to be […]
SOME NATIONAL INSURANCE THRESHOLDS ARE CHANGING
Employers, HMRC, Money Matters
The 1.25% increase in the rate of National Insurance Contributions (NICs) paid by workers and employers announced on 7 September to provide extra funds for Health and Social care will go ahead from 6 April 2022. This will become a new Health and Social Care Levy from 2023/24 onwards. Although the income tax personal allowance […]
MORE TIME TO REPORT AND PAY CGT ON RESIDENTIAL PROPERTY DISPOSAL
Many were expecting big changes to capital gains tax in the Autumn Budget, particularly as the Office of Tax Simplification (OTS) had suggested that CGT rates should be aligned with income tax rates. The Government have however taken on board the OTS recommendation that the 30 day reporting and payment deadline should be increased to […]
PLEASE LET US HAVE DETAILS OF YOUR SEISS GRANTS FOR YOUR 2020/21 TAX RETURN
As you are probably aware tax agents were not able to claim SEISS grants on their client’s behalf, and we do not currently have access to the amounts you have claimed. If you are self-employed and have received any SEISS grants in 2020/21 can you please let us have details of the amounts received so […]
FIFTH SELF-EMPLOYED INCOME SUPPORT GRANT TO BE PAID IN JULY
The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If that test is not met, then […]
TAX FREE CHILDCARE ACCOUNT SUBSIDISES SUMMER CAMP COSTS
If you have children under 12 who attend a nursery, after school club, playscheme, childminder or you are considering sending them to a summer camp you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account up to £2,000 for each child so […]
CHECK THAT YOUR SHARES QUALIFY FOR CGT BUSINESS ASSET DISPOSAL RELIEF
A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition […]
DETAILS OF FOURTH SELF-EMPLOYED INCOME SUPPORT GRANT
Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021 and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant covering May to September 2021. The latest grant allows […]
SELF-EMPLOYED INCOME SUPPORT GRANTS ALSO EXTENDED
In line with the further extension of the CJRS furlough scheme for employees the chancellor has also set out further support for the self-employed. We had been waiting for the details of the calculation of the fourth SEISS grant covering the period to 30 April and we now know that the support will continue to […]
POSSIBLE INHERITANCE TAX CHANGES
As reported in an earlier newsletter, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 years. Such a change would mean that the donor would only be required to survive for 5 years following a gift for the transfer to be exempt from IHT. The […]
