The Fifth Self Employed Income Support Scheme (SEISS) Grant
Earlier this year, the government announced that a fifth Self Employed Income Support Scheme (SEISS) grant would be made available. HMRC invited claims to be made from late July 2021 in a similar way to the fourth SEISS grant. Claims must be submitted online and are subject to a deadline of 30 September 2021. The […]
HMRC proposes changes to the way trading income is allocated to tax years
As a rule, unincorporated businesses draw up accounts to the same date each year and this is their ‘accounting date’. The profit or loss for the tax year, which ends on 5 April, is usually the profit or loss for the year up to the accounting date in the tax year, the ‘basis period’. The […]
Changes to Dividend and NIC Rates
The government announced last week a 1.25% increase in Tax and NIC on most regular payouts by companies to help fund spending on health and social care. It was anticipated that this move would raise up to £12 bn a year. Dividends Under the plans investors can still earn up to £2,000 each year in […]
Don’t miss out on tax relief for capital expenditure in your business
As hopes increase that the economy is returning to pre-pandemic levels, is now the time for your business to begin replacing old equipment and commercial vehicles? You will recall from our article last year that the Treasury announced a temporary extension to the £1 million cap for the Annual Investment Allowance (AIA) until 1 January […]
