How much extra will I have to pay for National Insurance The new UK tax rate, as well as what it implies for me, are all discussed.

How much extra will I have to pay for National Insurance? The new UK tax rate, as well as what it implies for me, are all discussed.

How much extra will I have to pay for National Insurance? The new UK tax rate, as well as what it implies for me, are all discussed. The government claims that the increase in National Insurance will help with health and social care, but it has sparked fierce debate as…

Continue Reading
WHAT NEXT AFTER THE FURLOUGH SCHEME ENDS

WHAT NEXT AFTER THE FURLOUGH SCHEME ENDS

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…

Continue Reading
Collection of tax debts post Covid-19

Collection of tax debts post Covid-19

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…

Continue Reading
Restart Grants and Recovery Loans

Restart Grants and Recovery Loans

As lockdown restrictions are eased, businesses may need help to re-open and to recover from the impact of the pandemic. Depending on the nature of the business, they may be eligible for a Restart Grant or a Recovery Loan. Restart Grants The Restart Grant Scheme provides support to help business…

Continue Reading
Can you claim the Employment Allowance for 2021/22?

Can you claim the Employment Allowance for 2021/22?

The Employment Allowance is a National Insurance allowance that enables eligible employers to reduce their employers’ (secondary) Class 1 National Insurance bill by up to £4,000. However, not all employers can benefit – there are some important exclusions. Eligible employers To qualify for the Employment Allowance, the employer’s Class 1…

Continue Reading
Further grants for the self-employed

Further grants for the self-employed

The Self-Employment Income Support Scheme (SEISS) has provided grant support for self-employed individuals whose business has been adversely affected by the Covid-19 pandemic. An extension to the scheme was announced at the time of the 2021 Budget. As a result, it will continue to provide support until September 2021. Three…

Continue Reading
What tax do I need to pay by 31 January 2021?

What tax do I need to pay by 31 January 2021?

The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC that you have a reasonable excuse…

Continue Reading

COVID-19 Update

VACCINE OPTIMISM – WILL THE LOCKDOWN END? The UK Government approving the Pfizer vaccine is all we are hearing in the news these days and who will be first to be offered and how the vaccine will be rolled out and, rightly so, people are more optimistic about the ending…

Continue Reading