Today we had the first Labour budget since 2010. What are the key takeaways? Income and personal taxes. In keeping with pre-election promises, there will be no changes to the current bands or rates for income tax, primary Class 1 NI,… Read more

Jeremy Hunt delivered a conservative budget today, filled with optomism and a few positives, see how it may effect you For a more detailed analysis visit our webpage here

The government has done a U-turn on a plan to classify double-cab pick-ups as cars for tax purposes. HM Revenue & Customs announced on February 12 2024 that it would close the ‘loophole’ that allowed double-cab pick-ups that can carry payloads… Read more

Those aged between 18 and 40 can set up a Lifetime ISA (Individual Savings Account) to buy their first home or save for later life. You can put in up to £4,000 each year until you’re 50. The government will… Read more

In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions… Read more

At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be… Read more

As you approach your year end consider the following to bring your corporation tax down Contact us to arrange a meeting to discuss your current structure to see if we can help you reduce your overall tax burden

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we… Read more

HMRC is urging married couples/civil partners to check whether they are entitled to claim the marriage allowance. What is it, are you eligible and how do you claim it?  HMRC has a special message to couples – “give the gift of the… Read more

What is the current position? As most company car drivers will already be aware, if a company car is used in a private capacity, it will likely lead to a large benefit in kind, and therefore, a significant Income Tax… Read more

Chancellor Rishi Sunak has delivered his Autumn Budget and Spending Review in the aftermath of previously announced significant tax increases. Here, we summarise some of the key announcements. Corporation tax rate increase to 25% confirmed The Chancellor confirmed that the… Read more

People working from home for even a single day this year will be able to claim tax relief against increased costs as the fallout from the Covid-19 pandemic rolls on. HM Revenue & Customs have confirmed that the work from… Read more

The new National Minimum Wage and National Living Wage rates came into effect on 1 April 2021. The new rate for the National Minimum Wage is £8.91 which is up 19p over last year. The National Living Wage is the… Read more

Anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged… Read more

During the pandemic there will always be some that try and take advantage of others to benefit from the situation. One particular area that has come to light is fraud around the Covid vaccine. You will never be asked for… Read more

At the start of the second English lockdown (Thursday 5 November 2020), local businesses who have been ordered to close for four weeks may be eligible for a government grant of up to £3,000. The Local Restrictions Support Grant, which… Read more

Job Support Scheme Open Factsheet 1. Whatareweannouncingtoday?• Recognising the evolving situation with the pandemic and health restrictions, and the pressures employers are facing this winter, the Government has announced that it will increase the scale of support available to employers… Read more

With the government’s Coronavirus Job Retention Scheme (CJRS) drawing to a close and due to finish on 31 October 2020, the tax authority is wasting no time and has formally started its compliance activity. This follows last month’s royal assent… Read more

The government has called applications for the second stage of SEISS, having handed out £7.8 billion of grants to 2.7 million self-employed people over the first stage of the scheme. Those eligible will now be able to receive a second and… Read more

From 1‌‌ September CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. You will still need to pay your furloughed employees at least 80% of their usual wages for… Read more

This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31‌‌‌ ‌January 2021. The bonus will provide additional support to retain employees. To… Read more

If you are an employer who needs to make staff redundant in order to survive the coronavirus crisis, a Government scheme is in place to help fund the cost of statutory redundancy payments. Employers who can’t their employees redundancy pay… Read more

With the existing trend towards working from home accelerated during the lockdown, many people are asking how to save tax working from home because of the additional expenses they may incur. There are two ways this can happen: Your Employer… Read more

The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months, the Chancellor announced today (Friday 29 May 2020) Rishi Sunak announces Self-Employment Income Support Scheme… Read more

Chancellor Rishi Sunak has outlined details of the extension to the Coronavirus Job Retention Scheme. The scheme currently allows businesses to keep salaried staff contractually employed, but not working, while the government pays 80% of their incomes. The plan was… Read more

Mortgage holidays started in March, allowing people to defer payments without affecting their credit rating. That respite from payments would end for the first applicants in June and the Treasury said the extension would provide certainty for those affected. However,… Read more

The Self-Employment Income Support Scheme allows those who qualify to claim a grant of 80% of their average monthly trading profits. It is paid out in a single instalment ‒ so the equivalent of getting three months’ worth of money… Read more