Year-end tax guide 2020/21

How to use this guide After a year like 2020, you might be forgiven for not paying much attention to organising your finances, but there’s still time to arrange your affairs as efficiently as possible before the start of the new tax year on 6 April 2021. It’s important to consider this from every angle: […]

HOW MUCH IS YOUR BUSINESS WORTH?

Four main methods for valuing a business. Whether you’re making exit plans or you want to give confidence to investors, knowing the value of your business is a vital step. From the inside, it might be hard to say what that value is. You’ve put long hours of hard work into building your business from […]

Maintaining your NIC contributions record during Covid-19

The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their full pay. Where income drops this may […]

Bonus for retaining staff when CJRS comes to an end

The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline to millions of employees and their employers during the Covid-19 pandemic. As at 19 July 2020, 9.5 million employees had been furloughed by 1.2 million employers, benefitting from support totalling £29.5 billion. As with all good things, the CJRS must come to an end. The […]

Corporate tax planning in 2020/21

Managing and planning during COVID-19. Even among those who follow good tax-planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and the subsequent lockdown, the economy shrank a record 20.4% in April 2020, and 19.1% in […]

Post-COVID-19 support for businesses

New measures announced in economic update. Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown. When Chancellor Rishi Sunak stood in the House of Commons again on 8 July, it was in the context of the […]

Economic Update 2020

Economic Update 2020 Introduction It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than four months after his maiden Budget speech back in March, but here we are. The economic impact of COVID-19 has resulted in the UK’s debt-to-GDP ratio breaking the 100% mark for […]

Year-End Tax Guide 2019/20

Personal allowances & reliefs ISAs Pension contributions Inheritance tax Capital gains tax Entrepreneurs’ relief Upcoming changes Non-domiciled taxation Tax credits Corporation tax Business deductions VAT Penalties

The risks of a tax investigation

Will HMRC come knocking on your door? It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce. The likelihood of HMRC swooping to investigate your business’s […]

Changes to probate in 2019

Controversial fee increase set to take place from April. From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount. This is because of a proposed change to the fees families must pay to administer the estate of […]