Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021. The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act […]
For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]
The new “reverse charge” system of VAT accounting affects sub- contractors supplying their services to main contractors in the construction sector. Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain are no longer invoiced in the normal way. Under the new reverse charge system, the sub-contractor […]
The thresholds for employee and employer national insurance contributions (NICs) have been increased by £1 a week for the 2021/22 tax year. Employees will be liable to 12% NICs between £184 and £967 a week (£50,270 a year). Employer contributions will start at £170 a week. The self-employed will pay 9% Class 4 NICs on […]
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p 1600cc or less 9p (8p) 1401cc to 2000cc 12p (11p) 8p 1601 to […]
Date What’s Due 1/03 Corporation tax payment for year to 31/5/20 (unless quarterly instalments apply) 19/03 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/21 (due 22/03 if you pay electronically) 1/04 Corporation tax payment for year to 30/6/21 (unless quarterly instalments apply) 5/04 End of 2020/21 tax year. Tax actions […]
As we begin a new year, it never hurts to review your current plans for retirement and the pensions that you hold. The last 12 months have been difficult on many individual’s finances and the volatility of the markets has meant that savers pension pots have been significantly affected by the events of the pandemic. […]
According to new research, more than one in four homeowners may be paying their mortgage provider’s highest rate by not taking advantage of the latest deals by remortgaging. The new study by online mortgage broker, Habito, found that 27 per cent of people were on a standard variable rate (SVR), many of whom may have […]
Since the start of the year, many UK-based banks have been closing bank accounts owned by British people living in Europe following the end of the Brexit transition period. The changes predominantly affect customers of banks and building societies, such as Barclays, Lloyds and Nationwide Building Society, who live within EU member states. As a […]
A new survey has found that more than a third of households have not managed to put any money aside since the Coronavirus pandemic began last year. The latest Household Financial Confidence tracker from Comparethemarket, also found that more than half of those surveyed were worried about running out of savings. The results of the […]
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