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 …
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 …
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 …
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, …
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 …
Kick Start Job Scheme
Introduction Just over two months ago the Chancellor, Rishi Sunak had his Summer Economic Update. There he announced a new grant to fund job creation, amongst other measures to tackle the economic downturn due to …
Why have a Virtual Finance Department (VFD)
Introduction In 2020, around over 99% of all businesses in the UK are classed as a Micro or Small business. Therefore being efficient and well structured has never been more important. Gone are the days …
Directors Loans-Friend or Foe
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 …
Summer Economic Update
On Wednesday July 8th the Chancellor delivered what should have been his second Budget. However, it was shortened to a Summer Economic Update, but with some key announcements. Here is our take-away from it (some …
Four Costs of DIY R&D Tax Credit Claims
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. Cost of your time Do you …