After a dizzying few weeks in British politics, which have seen an almost complete reversal of the measures announced in the September mini budget, as summarised in our previous article, we thought it might be helpful to set out what remains of the economic measures announced in September, and how they might affect you.
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On Friday, the Chancellor of the Exchequer delivered the government’s so-called ‘Mini Budget’, outlining cuts to income tax, reversal of the NIC increases, and scrapping of the planned increase in corporation tax, to name a few. Those which may be of particular interest to many are as follows:
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Wishing all of our clients a restful and happy Christmas filled with kindness and contentment.
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Christmas is just around the corner. And - just beyond - is the deadline for filing your 2020.21 self-assessment tax return.
It must be with HMRC by 31 January 2022, but if you haven’t got round to completing it yet, or are concerned about a large liability – don’t worry! You are not alone, and we might be able to help. We might even be able to reduce your liability with some tax planning suggestions.
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We are delighted to announce that our friend and colleague Emma Hooper has deservedly achieved her ambition of qualifying as a Chartered Accountant. Emma passed her final exams just before Christmas, and in January was formally admitted as a member of the Institute of Chartered Accountants in England and Wales.
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Starting your own business can be an exciting – but daunting – time. One of the first and most important decisions to make is how you are going to structure your business. The reason this decision is so important is that it has a variety of consequences – not only related to tax, but also from a legal and administrative perspective, and how your business will be perceived.
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Today we heard the news that so many of us have been hoping to hear for so long – that a vaccination to protect us from Covid-19 is safe and will shortly be available. At the end of what has felt like a very long tunnel, perhaps we are about to emerge into the light.
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I mowed my lawn last week. Amidst all the gloom surrounding the crisis currently facing the world, how lovely it has been to see some sunshine over the last few weeks. I love this time of year, when lighter evenings and brighter, warmer days make us feel more inclined to be out in the open air.
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This week, HMRC will begin to contact people who may be eligible for the Self-Employment Income Support Scheme (‘SEISS’). The scheme, which will provide a taxable grant worth 80 per cent of a self-employed individual’s average trading profits up to a maximum of £7,500, will be paid in a lump sum by the start of June.
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The Coronavirus Job Retention Scheme went live yesterday, with over 140,000 businesses applying for the support within 24 hours.
The scheme is available for businesses that, as a result of Covid-19, cannot maintain their current workforce and would be forced to make employees redundant as a result. These employees need to be furloughed by written communication to be eligible.
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