Spring Statement – National Insurance Changes

Spring Statement – National Insurance ChangesThe Chancellor has announced in his Spring Statement that the income threshold at which point people start paying National Insurance will rise. From next month the threshold at which people begin to pay National Insurance will rise by £3,000 to £12,570, bringing it in line with the personal allowance threshold…

MTD for VAT legislation – 1st April 2022

Making Tax Digital For VAT – are you ready?All VAT registered businesses must now take the necessary steps to prepare for Making Tax Digital for VAT before it becomes mandatory on 1 April 2022. For the first VAT period beginning on or after 1st April 2022 all remaining VAT registered businesses – even those below…

National Insurance Contributions Set to Rise

National Insurance Contributions Set to RiseFrom April 2022 the rates of National Insurance Contributions are set to increase Certain NICs are set to rise by 1.25% from April 2022. The increase will apply to Class 1 NICs currently paid by employees via PAYE and to Class 4 NICs currently paid by the self-employed via their…

Beware: SEISS Penalties & Claims

Beware: SEISS Penalties & ClaimsThe Treasury has provided HM Revenue & Customs with substantial resources to investigate and recover incorrectly claimed government support. While many businesses are seeing a gradual return towards normality and, as much of the government support is set to come to an end, HMRC will begin the process of investigating and…

Fourth Self-Employment Grant – Can You Claim?

Fourth Self-Employment Grant – Can You Claim?New eligibility criteria means that it is important that taxpayers consider their eligibility carefully before claiming the fourth SEISS Grant. HM Revenue & Customs have been contacting previous Self Employed Income Support applicants to inform them of whether they may be eligible or ineligible for the fourth tranche of…

Budget Blog: Time to Invest?

Budget Blog: Time to Invest?The Chancellor’s announcement that an increased tax deduction is available from 1st April on the purchase of qualifying plant and machinery raises a question for business owners. Business owners often seek to maximise their tax efficiency by investing in the purchase of plant, machinery, equipment and commercial vehicles. These assets come…

Summary: Rishi Sunak’s Budget 2021

Summary: Budget 2021 Chancellor Rishi Sunak delivered his second Budget on Wednesday 3rd March 2021. The Chancellor’s #Budget2021 was again focused on dealing with Covid-19 and managing its long-term impact on public finances. To assist with understanding these announcements we have prepared a document containing highlights of the key issues. You can access our Budget…

Business Support: Mobile & Home-Based Close-Contact Services

Business Support: Mobile & Home-Based Close-Contact ServicesSupport for mobile / home-based hairdressers, beauticians etc A new government grant of £4,000 is now available for mobile / home-based close-contact service providers such as hairdressers, makeup artists and beauticians. This grant is designed for those businesses and individuals who do not operate from a business premises and…

Self-Employed Grant: Claim from 30th November

Self-Employed Grant – Claim from 30th NovemberThe third instalment of Self-Employed Income Support can be claimed from 30th November 2020. The third instalment of Self-Employed Income Support (SEISS) can be claimed from Monday 30th November 2020. As a result of the continued impact of coronavirus on business, including the requirement for lockdown measures and trading…

Claim Your Business Closure Grant

Are You Eligible for a Business Closure Grant?Businesses that are forced to close or are placed under trading restrictions may be eligible for a grant. Find out if you’re eligible. The government’s covid tier system has meant that many businesses, particularly in Tier 4, are forced to close or are placed under trading restrictions. These…