No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell a much-loved property to pay the inheritance (IHT) bill. The introduction of the residence nil rate band (RNRB -set at £175,000) means that a couple…
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From 1 August 2021 until the scheme ends, the Government’s grant reduced a final time to 60% of furloughed employees’ wages for their unworked hours at a cap of £1,875. Your client has needed to contribute 20% to staff wages up to £625 and this will remain the same until…
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Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that an individual can contribute to their pension plans, there are limits on the contributions that qualify for tax relief. One of those limits is the…
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During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme, and to provide those whose finances were…
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Register VAT taxable turnover One must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: 1) at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is…
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The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on time can contact HMRC to agree on payment by instalments under the ‘Time to Pay scheme. If a business fails to pay its tax bills…
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Crowdfunding is a way of raising money for a business venture, personal endeavor, or charitable cause, where a large number of people invest in or donate money to the cause. Crowdfunding is becoming more popular with startup and early-stage businesses which can often struggle to secure funding from traditional lenders…
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Instances of fraud have increased during the pandemic – what can you do to help mitigate the risks? Throughout the Covid-19 pandemic, businesses have experienced an increase in the level of fraudulent activity. Many firms have moved their business activities online and with more employees now working from home, there…
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Businesses need to invest in nurturing the next generation of talent. Regardless of the industry that you work in, how you and your management team nurture the next generation of talent in the first decade of their careers can have a huge impact on their prospects for the future. Businesses…
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HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax and National Insurance contributions. HMRC strongly believes these arrangements do not work and will seek to challenge anyone promoting or using these arrangements and make sure the correct tax is paid.…
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