News Items
Making mileage payments to employees
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be able to claim the associated expenses from their employer. If the journey is by car, the easiest way to do...
Do I need to register for VAT?
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is more than...
SEISS Extended Again
The Self Employment Income Support Scheme (SEISS) provided help the self-employed whose businesses were adversely affected by Coronavirus. The second payment under the scheme, which was payable from mid-August, was due to be the final payment under the scheme....
Making the most of pension tax allowances
Pension savings can be tax efficient as contributions to registered pension schemes, attracting tax relief up to certain limits. Limit on tax relief Tax relief is available on private pension contributions to the greater of 100% of earnings and £3,600. This is subject...
Latest measures to support jobs
Following the Prime Minister’s announcement that England will enter a national lockdown from 5 November 2020 to 2 December 2020, the Coronavirus Job Retention Scheme, which was due to come to an end on 31 October 2020, has been extended for a month and will continue...
Summer 2020 Budget
The Chancellor, Rishi Sunak, has announced a number of measures in his Summer Statement in a bid to help the UK economy recover from the worst effects of Coronavirus. Key Points Stamp Duty threshold increased to £500,000 until 31 March 2021VAT for the hospitality...
Tax 2020 – 21
The new tax year started on 6 April. Here are the self-employed tax changes you'll need to know about for 2020-21, including new self-employed tax rates and thresholds. More time to pay self-employed tax Small businesses and self-employed people across the country...
April 2020 private sector IR35 changes – what happens now?
The IR35 ‘off-payroll’ rules will be extended to the private sector from April 2020 onwards, directly affecting a large number of contractors. What exactly does this mean, and what can contractors and clients do to prepare in advance? What does IR35 private sector...