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  • Employment AllowanceWednesday 25th May 2022

    Don't forget to claim the Employment Allowance

    The Employment Allowance (EA) is a £5,000 allowance set against employers National Insurance Contributions (NICs) and has to be claimed each tax year if the employer qualifies. This allowance was introduced in 2014/15 and was increased to £5,000 from 2022/23. Employers make a claim for ...

  • Innovation strategyWednesday 20th April 2022

    Taking control of your business

    With Russia's invasion of Ukraine creating additional fiscal uncertainty in the UK and around the globe, economic growth slowed in February and, according to the Office for National Statistics, the UK economy is now only 1.5% above the pre-pandemic level in February 2020. The pandemic ...

  • EntertainingWednesday 30th March 2022

    VAT rates for hospitality sector due to increase from 1 April

    Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%. That reduced rate applied from 15 July 2020 until 30 September 2021 when the rate was increased to the current 12.5%. However, the rate is scheduled to revert to the normal 20% ...

  • Business disposal reliefWednesday 23rd February 2022

    Planning to sell your business in 2022?

    Now that the economy is starting to recover, this could be a good time to think about selling your business. Remember that under the current capital gains rules, the first £1 million of an individual’s gains potentially qualify for a 10% rate of tax, provided business asset disposal ...

  • Tax planning 2Tuesday 25th January 2022

    New Year tax planning ideas

    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 to maximise your ISA allowances for the 2021/22 tax year (still £20,000 ...

  • 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 ...

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