MTD ITSA – Basis period reform

MTD ITSA - Basis period reform 1

Basis period reform HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which comes into effect from April 2023. A consultation paper was published in July 2021, which sets out new simplified basis period rules. Comments were […]

Tax Updates for Individuals

Thresholds and allowances frozen until April 2026 To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather than increase the rates of income tax and capital gains tax. As incomes rise over the period, more people will pay tax, and […]

Furlough Scheme Extended

The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline for many employers and employees during the COVID-19 pandemic. The scheme was due to come to an end on 30 April 2021. However, at the time of the 2021 Budget, the Chancellor, Rishi Sunak, announced that the scheme would, once again, be extended. It will […]

Further grants available under the SEISS

Further grants available under the SEISS The Self-Employment Income Support Scheme (SEISS) provides grant support to eligible self-employed taxpayers who have been adversely affected by the COVID-19 pandemic. A further two grants are to be paid under the scheme. In addition, the scheme has been expanded to include those who commenced self-employment in 2019/20. Guidance […]

New capital allowances super-deduction

New capital allowances super-deduction Companies within the charge to corporation tax who invest in new plant and machinery in the two years from 1 April 2021 are able to benefit from two new first-year allowances, including a super-deduction of 130%. Details of the measure are set out in a policy paper published by the Government. […]

Corporation tax increase from April 2023

The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate of 19%. Companies whose taxable profits fall between £50,000 and £250,000 will pay corporation tax […]

Directors Loans-Friend or Foe

directors loan, tax on directors loan

I hadn’t planned on writing a linked in article today, but after some emails back and forth with a client, I decided it was something that needed to be said. When you are the director of your own company it can be tempting to borrow money from the company to tide you over in a […]

Four Costs of DIY R&D Tax Credit Claims

Costs

If this blog has piqued your interest, you are probably the business owner, or the finance director who has been lumbered with compiling the R&D claim for the company. Costs of your time Do you normally spend most of your daily job compiling R&D details? I am guessing the answer is no. Doing a R&D […]

UK Government Support for Businesses during COVID-19 crisis

UK Government

The next few months to a year is going to be tough for a lot of people and a lot of businesses. Between businesses having to reduce or cease trading, to not getting customers due to them having less money themselves, the economy in the country is about to take a big kicking. Over the […]

Making Tax Digital: 3 Things You Need To Know

Making Tax Digital

3 Things You Should Know About Making Tax Digital MTD stands for Making Tax Digital, the process of the HMRC (also known as the tax man) getting businesses to process their accounts )and in return their tax returns) in a digital format. A VAT registered business (or their accountant) logs into the HMRC website, fills […]