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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As we approach the end of January, the personal tax return self-assessment deadline is looming. However, for the 2020/21 return due on 31 January 2022, HMRC is waiving late filing and late payment penalties for one month. This means that penalties will not be triggered unless the return is filed, or payment made after 28 February 2022.
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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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Once again the rules regarding furlough and how to support your employees have been updated – are you aware of the latest guidance?
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This year it could be more important than ever to know what liabilities you may face in January, with many businesses and individuals facing cash flow issues due to Covid.
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The Job Retention Scheme (JRS) is coming to an end on 31 October and will be replaced with a new wage subsidy scheme called the Job Support Scheme (JSS). The JSS will begin on 1 November 2020 and will run for 6 months, aiming to support employees and businesses by topping up salaries where returning to work full-time is still not viable.
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