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Valuable tax relief through the Enterprise Investment Scheme

The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) offer valuable tax relief for individuals subscribing for shares in new companies: Income tax relief – 30% tax relief on the amount invested for EIS and 50% for SEIS. Capital Gains Tax (CGT) exemption – The sale of shares is exempt from CGT. CGT […]

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A Reminder – Reporting deadlines and requirements

If you are considering submitting a 2020/21 Paper Tax Return to HMRC, do not forget that the deadline for submission is 31 October 2021.  HMRC do not issue Paper Returns automatically to encourage electronic filing by 31 January following the year-end (31 January 2022 for 2020/21 Tax Returns). Extensions to the Reporting Deadline If your […]

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Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA)

In previous articles, we explained that HMRC are currently piloting MTD for ITSA.  HMRC are working with software developers, individuals and agents to identify and resolve issues ahead of the new reporting requirements which were originally scheduled to commence on 5 April 2023. In a recent statement the Treasury has announced that MTD for ITSA will […]

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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 […]

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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 […]

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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 […]

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