Super-deductions, what are they?

April 1st, 2021

Perhaps the most innovative give-away in the recent budget was “Super-deductions for investment expenditure”. What does this mean? Companies that invest in qualifying plant and machinery in the period from 1 April 2021 to 31 March 2023 will benefit from enhanced capital allowances. Investments in assets that qualify for the main rate of capital allowances […]

New funding for high streets and seaside resorts

March 30th, 2021

The government has announced new measures to support a safe and successful reopening of the high streets and seaside resorts ahead of the summer season. A new £56 million Welcome Back Fund will help councils boost tourism, improve green spaces and provide more outdoor seating areas, markets and food stall pop-ups – giving people safer […]

The Finance Bill 2021

March 25th, 2021

An outline of the Finance Bill 2021 has been published and provides the legal framework for changes announced in the recent Budget. We have reproduced below the published text. This is subject to scrutiny by parliament and may change before the Bill receives Royal Assent. The Bill will ensure a number of tax changes set […]

HMRC clarifies furlough queries

March 23rd, 2021

HMRC has recently clarified the action you need to take if you have claimed too little or too much under the furlough scheme (Coronavirus Job Retention Scheme). They are published in a FAQ format. Here’s what they say: What if I’ve claimed too much in error? If you have claimed too much CJRS grant and […]

What are Super-Deductions?

March 18th, 2021

Most company business owners understand that if you incur a cost that is wholly and exclusively for the purpose of your trade, then it can be deducted from your taxable profits or added to tax losses. Likewise, if companies invest in plant or other equipment that qualifies for tax relief, even though the expenditure is […]

Pension pot top-ups before 6 April 2021

March 16th, 2021

The 2020/21 tax year comes to an end on 5 April 2021. As this date approaches, it is prudent to review your pension contributions and consider whether it would be beneficial to top up your pension before the end of the tax year. Is there a limit on tax-relieved contributions? Yes — tax relief is […]

SEISS – the net widens

March 12th, 2021

One aspect of the recent budget will please self-employed business owners that have previously been unable to claim under the Self-Employed Income Support Scheme (SEISS) as they commenced trading after 5 April 2019. As long as you submitted your self-assessment tax return for 2019-20 before midnight 2 March 2021, and you meet the other qualifying […]

Stealth Tax

March 11th, 2021

You may have noticed that a certain phrase came up more than once in the Chancellor’s Budget speech last week. The phrase went something like this: Allowances/rates will be frozen at this level until April 2026. That’s four years of flat-lining rates and allowances and it applies to income tax, capital gains tax, inheritance tax […]

Tax Diary March/April 2021

March 9th, 2021

1 March 2021 – Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 – Self-assessment tax for 2019/20 paid after this date will incur a 5% surcharge. 19 March 2021 – PAYE and NIC deductions due for month ended 5 March 2021. (If you pay your tax electronically […]

Minimum Wage levels from April 2021

March 9th, 2021

From April 2021, the National Living Wage (NLW) will be the statutory minimum wage for workers aged 23 and over. It currently applies to workers aged 25 and over. The reduction in the NLW age threshold follows a review of the structure of the National Minimum Wage youth rates and recommendations made by the Low […]