Spring Budget 2021 – VAT

It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for ...
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Spring Budget 2021 – Capital allowances

Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a ...
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Spring Budget 2021 – Government backed loan schemes

The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans ...
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Spring Budget 2021 – CJRS and SEISS schemes extended

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021 ...
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Spring Budget 2021 – Corporation Tax

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next ...
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Spring Budget 2021 – Income Tax Rates & Allowances

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: ...
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Budget Summary – March 2021

More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details ...
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What is pensions credit?

Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops ...
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Capital or debt?

What is the difference between capital and debt, and why is the distinction important? One important distinction is that capital ...
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Tax Diary March/April 2021

1 March 2021 - Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 ...
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Outcome of the Uber case

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously upheld the decisions ...
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VAT Agricultural Flat Rate Scheme

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT ...
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Government to publish range of tax consultations

In a recent HM Treasury press release it has been confirmed that the government will publish a number of tax-related ...
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Capital Gains Tax exemptions

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited ...
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Inheritance Tax – tax-free gifts

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax ...
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Claiming Self-Employed Income Support Scheme grants

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November ...
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What is overtrading?

A reminder that traders who buy and sell goods – wholesalers or retailers – need to be wary of the ...
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Emerging from lockdown

The Prime Minister has set out the government’s objectives for easing lockdown restrictions. If the planned opening of schools, social ...
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Buying equipment for your job

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax ...
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Tax breaks working from home

Employees who are working from home may be able to claim tax relief for any additional costs due to home ...
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Guidance for paying deferred VAT updated

The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March ...
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Simplified export declarations

Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU ...
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Added protection for pension savers

The new Pensions Scheme Act received Royal Assent on 11 February 2021. The Act covers a number of important pensions-related ...
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Marriage Allowance tax break

If you are entitled to the marriage allowance and have not yet applied, then you could receive a payment of ...
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