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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How to Plan for your Retirement

Get on track for a comfortable retirement. If you have a defined contribution pension scheme – whether private or through your employer – your retirement savingshave probably been hit quite hard by the COVID-19 pandemic over the past 12 months. That’s because pension funds invest in the stock market and recent turbulence, which has caused …

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Complying with your Tax Obligations

Meeting your obligations amid COVID-19 disruption. It’s not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, but the past year has, as in so many ways, been different. Between optional deadline deferrals, new payment schemes and temporary reliefs, keeping on top of the changes to the usual tax timetable hasn’t been …

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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 …

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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 …

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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 …

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