National Living Wage to Increase alongside Age Threshold Fall

Employers of low-paid workers in the UK will have to absorb another rise to the national living wage and pay it to over-23sfrom April 2021, the Chancellor has confirmed. Rishi Sunak confirmed the increase in his Spending Review 2020, in which it was announced the national living wage will increase from £8.72 to £8.91 an …

National Living Wage to Increase alongside Age Threshold Fall Read More »

One-Year Freeze for Business Rates Multiplier in England

One of the key factors that determine the tax on a business’s right to occupy commercial property in England has been frozen for 2021/22, the Chancellor has confirmed. Buried in the supporting documents of Spending Review 2020 was a freeze on the business rates multiplier, which the Government expects to save retailers £575 million up …

One-Year Freeze for Business Rates Multiplier in England Read More »

Annual Investment Allowance Remains at £1M Until 2022

A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury confirmed. The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant and machinery investments up to …

Annual Investment Allowance Remains at £1M Until 2022 Read More »

Strategies for Export After Brexit

Reaching the international markets in 2021 and beyond. The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty.While the new trade agreement places no tariffs or quotas on goods traded between the UK and EU from 1 January 2021, itmay come with additional costs and bureaucracy as the UK …

Strategies for Export After Brexit Read More »

Construction Sector: Reverse Charge VAT

The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for building and construction services, to use its full name, will finally take …

Construction Sector: Reverse Charge VAT Read More »

Gains on UK residential property

Reporting and paying within 30 days.  Earlier this year, a new rule requiring capital gains tax on UK residential property to be reported and paid to HMRC within 30 days kicked in.  This ushered in another change to tax rules affecting residential property owners, which seeks to raise more tax from the disposal of additional …

Gains on UK residential property Read More »

How to manage cashflow in your business

Planning ahead to boost your business’s resilience. During what would normally be the busiest period of the year for businesses in retail, hospitality and other sectors, many will now be keeping a close eye on their cashflow as they deal with the impacts of COVID-19. While Government-backed schemes like furlough, grants and loans will provide …

How to manage cashflow in your business Read More »

The economic damage of COVID-19

Chancellor declares “economic emergency”. Had everything gone to plan this year, the Chancellor would have been delivering his Autumn Budget speech. Instead, Rishi Sunak declared an “economic emergency” alongside a slimmed down spending plan to see him through until spring. Nobody in government would privately claim there is any way to avoid tax rises at …

The economic damage of COVID-19 Read More »

Third grant for the self-employed increases to 80% for November

The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed. Like previous tranches, the third taxable grant available through the self-employed income support scheme (SEISS) covers three months – from 1 November 2020 to 31 January 2021. The latest tranche was …

Third grant for the self-employed increases to 80% for November Read More »

Scroll to Top