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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 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 »
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 »
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 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 »
The Government has extended the furlough scheme for employers until 30 November 2020, as a second lockdown in England looms to slow the resurgence of COVID-19. Hours before the initiative was due to close on 31 October 2020, plans for the job support scheme to start from 1 November 2020 were put on hold. Instead, …
Govt. extends furlough scheme ahead of lockdown in England Read More »
The pros and cons of changing your main residence. With property being one of the most reliable investments around in a period of historic low-interest, many money-savvy people these days end up owning additional properties. They might rent them out, live in them or simply sit on them to sell on when the time is …
Entrepreneurs’ relief is no more (in name at least). Last March, one of the headline-grabbing measures announced in what will be the only Budget speech of 2020 surrounded what we knew as entrepreneurs’ relief. The relief was designed to be an incentive for entrepreneurs to start a new business by reducing the amount of capital …
The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed. The law still requires a will to be made “in the presence of” at least two witnesses to be legally valid, while the use of video should be a last resort. However, some people have understandably …
Video-witnessed wills become legal in England and Wales Read More »
The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the business has received a Coronavirus Bounce Back Loan or a Coronavirus Business Interruption Loan, and the family need to withdraw funds to meet …
Extracting income from a family company with no retained profits Read More »
