VAT-Registration and Deregistration Thresholds Frozen until 2024/25

The Treasury has frozen the UK’s VAT thresholds for a further two years in a bid to start repairing tattered public finances following COVID-19. Businesses with annual taxable turnover of more than £85,000 have to register for UK VAT and file digital VAT returns through compatible software. This VAT-registration threshold for 2021/22 remains at £85,000 …

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Treasury Issues Guidance on the Final Two Self-Employed Grants

More help for the self-employed has been announced, with the final two income support grants available until the end of September 2021. The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1 February to 30 April 2021.As with two of the previous SEISS grants, the fourth grant …

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New Recovery Loan Scheme Replaces Previous Covid-19 Loans

All UK businesses can access loans and other finance of up to £10 million each, following the end of COVID-19 loan schemes. Both business interruption loans – for large firms and SMEs – and bounce-back loans officially closed on 31 March 2021. Firms that received financial support from any of those schemes can apply for …

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Three-Month Extension for Business Rates Holiday in England

The year-long business rates holiday in England has been extended for another three months, until the end of June 2021. Eligible retail, hospitality and leisure businesses will then pay a third of their normal charge for the rest of the financial year. A maximum discount of £2 million is available to non-essential retail firms that …

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Personal Tax Planning in 2021/22

PERSONAL TAX PLANNING FOR 2021/22 What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years.With the financial fallout from COVID-19 over the last year being the fiscal equivalent of …

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Setting out the road to recovery

The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support. In his second Budget and 14th fiscal announcement since succeeding Sajid Javid in February 2020, Sunak resisted the urge to start raising …

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National Insurance Planning for 2021/2022

National insurance planning For employers, employees and the self-employed. Our state pension, benefits, health service and more are all funded by National Insurance contributions (NICs). These are paid in different ways and at different rates by employers, employees and the self-employed, and they can also be paid voluntarily. Recently, the differences in the way NICs …

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IR35 in the Private Sector

Off-payroll working in the private sector Are you prepared for changes to the IR35 rules? Exactly a year later than planned, changes to the off-payroll rules – known as IR35 – will take effect in the private sector next month. The emergence of COVID-19 put paid to the changes affecting large and medium-sized private-sector organisations …

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Claiming Expenses with an Umbrella Company

Can I claim Expenses through my umbrella company? One of the most frequently asked questions that we receive is in relation to reclaiming expenses as a contractor working through our umbrella services  – here’s what you need to know. Contractors who have been around for some time would have noticed significant changes in this arena …

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