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  • MTDTuesday 21st December 2021

    Making Tax Digital for income tax

    Making Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024, following the recent news of a one-year delay. This was the latest in a long line of delays and deferrals in the rollout of MTD, which was first proposed by then-Chancellor George ...

  • BudgetingTuesday 23rd November 2021

    Budgeting for an uncertain year ahead

    As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain - uncertainty. Business planning and budgeting have become increasingly complex in today’s uncertain and volatile environment. Firms have had to adapt and become more agile in ...

  • NICTuesday 19th October 2021

    1.25% increase in NICs and tax on dividends to fund health and social care

    The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care. From April 2022 it is proposed that there will be a 1.25% rise in National Insurance Contributions (NICs) to be paid by ...

  • VAT 2Wednesday 22nd September 2021

    5% rate on tourism and hospitality ends 30 September

    The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September. The rate then increases to 12.5% from 1 October until 31 March 2022 when it reverts to the standard rate. For those ...

  • PensionTuesday 20th July 2021

    Pension contribution is tax efficient for both employee and employer

    Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and ...

  • ExpensesTuesday 22nd June 2021

    P11d Urgent Deadline - 6 July 2021

    NOT ALL BENEFITS NEED TO BE REPORTED ON FORM P11D Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, ...

  • Making Tax DigitalTuesday 25th May 2021

    Making Tax Digital extended to more businesses

    Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible ...

  • Tax planningMonday 19th April 2021

    Personal tax planning for 2021/22

    Dividends The dividends allowance remains at £2,000 for 2021/22. Factoring in the slight increase to the personal allowance in 2021/22 from £12,500 to £12,570, the maximum tax-free income you can receive through dividends is £14,570. Capital Gains Tax Assets that ...

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