Corporation tax rate rises, super deduction for qualifying assets, restart grants, new self-employment grants and extension of Furlough. The 3rd March 2021 budget for businesses was packed with many tax changes. Some good and some bad for businesses. We go through the key announcements from the budget below. It includes how the budget will affect …
Budget 2021 – Business Taxes, New Grants and Support Read More »
The Budget 2021 and the big freeze on personal tax allowances! The UK Budget was announced on Wednesday 3rd March 2021. Many had expected tax rises to pay back the deficit caused by the pandemic. Although many tax rises were avoided, the big freeze on tax free allowances over the next 5 years will effect …
Budget 2021 – The Big Freeze on Personal Tax Allowances Read More »
Corporation tax is due to rise from 19% to 25% in April 2023. Try our calculator below to see how much extra tax you will pay? In the March 2021 budget the Government announced a corporation tax rise of 6%. This applies to businesses with profits exceeding £250,000. For businesses with profits under £50,000, the …
Corporation Tax Rises by 6% – Calculate Your Increase Read More »
The Government have announced several extensions to the furlough scheme. The latest announcement was in the budget on 3rd March 2021, which extended furlough right through to the end of September 2021. The furlough scheme is also known as the job retention scheme. Furlough Scheme Extension Changes Below is a timeline showing how the Government …
Furlough Scheme Extension – See the monthly changes Read More »
The optimum directors salary 2021/22 will be £8,840 per annum, which equates to £736 per month or £170 per week. This is the most tax efficient amount for the majority of directors to pay themselves. Owner managed businesses can typically decide how to pay themselves. This can be either a salary, dividends or a mixture …
The National Minimum Wage will increase from April 2021. The higher rate also known as the National Living Wage will be £8.91 per hour. Below we go through the new rates. There are also important new changes for 23 and 24 year olds. National Minimum Wage – Steps to take The hourly rate increases are …
National Minimum Wage – The new rates from April 2021 Read More »
Tax code 1257L will be the most common tax code for the tax year 2021/22. It is expected to be unchanged until 2026. It replaces tax code 1250L, which was the most popular tax code for the last 2 tax years (2019/20 and 2020/21). Most taxpayers will receive an updated tax coding notice from HMRC …
Tax Code 1257L – How to Check Your Tax Code is Correct? Read More »
The married couples allowance for 2021/22 is £251. This is tax free cash which an estimated over 2 million couples don’t claim. Better still, you can claim back for the previous 4 tax years. As a result the total tax rebate can be as high as £1,219. This total is explained later. WARNING: Don’t use …
Married Couples Allowance – Claim your £251 Tax Free Cash Read More »
What is the VAT Reverse Charge for Construction Industry? This simple tool will inform you when to apply the VAT reverse charge. It applies to all businesses within the construction industry. We have also included detailed analysis and examples of the questions you will need to answer. The solver will inform your construction business whether …
The VAT reverse charge for construction industry was implemented on 1st March 2021. It is an important change for construction businesses. Here are some FAQs on the changes and how it will affect your construction business. Our opinion on the VAT changes for Construction Industry We have no doubt that ‘missing trader fraud’ is an …
VAT Reverse Charge for Construction Industry FAQs Read More »