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11 March 2021

It is not long until the current 2020-21 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of the 2020-21 tax year.

It is also important that employers remember to...

11 March 2021

A new temporary extension to the eligible carry back period for trading losses has been announced. This will allow trading losses to be carried back for three years (rather than one). The extension to the relief applies to both incorporated and unincorporated businesses and is subject to a £2,000,000 cap. 

The relief will apply for company accounting periods ending between 1 April 2020...

11 March 2021

One of the measures announced as part of the March 2021 Budget was the introduction of a new mortgage guarantee scheme to help home buyers purchase a property. The new scheme is designed for prospective home buyers who only have a small deposit and are therefore unable to qualify for a mortgage. Under the new scheme, lenders will be able to offer new 91-95% mortgage products.

The new...

09 March 2021

In our previous newsfeeds we have described how you can calculate the level of turnover you need to create in order to meet all your costs whether they be fixed costs (rent, rates etc.,) or variable costs (goods you need to buy to convert into goods you sell).

Unfortunately, you will need to make this calculation each month to have any certainty that you have a realistic estimate of...

09 March 2021

One of the Chancellors key announcements in the Budget last week was to replace the government guaranteed Bounce Back and Business Interruption loans – due to end for new applications from 31 March 2021 - with a new Recovery Loan Scheme (RLS).

The RLS is similar to the lapsed schemes in that it includes a government pledge to underwrite lenders risks and therefore reduce the borrower’s...

04 March 2021

It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for VAT will be frozen at £85,000 until 31 March 2024. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for the same time period.

Businesses are required to...

04 March 2021

Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary tax relief applies on qualifying capital asset investments and will apply from 1 April 2021 until 31 March 2023. The new super-deduction is designed to help companies finance expansion in the...

04 March 2021

The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021.

The Chancellor did not announce any further extension to these loan schemes but instead announced that a new successor loan guarantee programme would be introduced from 6 April 2021. The...

04 March 2021

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021. The Chancellor confirmed that employees will receive up to 80% of their salary for hours not worked subject to a monthly maximum of £2,500 until the scheme ends. The CJRS will also continue in its present form for employers until the end of June 2021. As the economy...

04 March 2021

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next 2 years. The main rate had been expected to increase to help pay the massive costs of the coronavirus pandemic to the public purse. 

However, the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. The Chancellor also...

04 March 2021

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: £12,500) and the basic rate limit to £37,700 (2020-21: £37,500). As a result, the higher rate threshold will increase to £50,270 (2020-21: £50,000) from 6 April 2021.

The Chancellor, Rishi Sunak revealed that these rates will be frozen until April 2026. This...

03 March 2021

More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following Budget summary is split into four sections:

  1. COVID-19 related support measures for UK businesses
  2. Support for the UK housing market
  3. Taxation changes
  4. Other announcements

Please...

02 March 2021

Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit.

Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you have savings, a pension or your own home.

Savings Credit is an extra payment for people who saved some money towards their retirement,...

02 March 2021

What is the difference between capital and debt, and why is the distinction important?

One important distinction is that capital represents the amount of funds introduced by shareholders, partners or sole traders plus any retained profits that the business has created at any particular date. Debt on the other hand is a liability, an amount of money that has to be repaid and subject to...

25 February 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 the due date is 22 March 2021)

19 March 2021 - Filing deadline for the CIS300 monthly...

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