The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked. The […]
Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant covering May to September 2021. The latest grant allows the […]
Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled out to all VAT registered […]
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%. Those upper and lower limits are divided by the number […]
The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief if they employ a veteran during the qualifying period. The qualifying period starts on the first day of the veteran’s first civilian job since leaving the regular armed forces […]
Date What’s Due 01/05 Corporation tax payment for year to 31/07/20 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/21 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/08/20 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, and CIS return […]
According to a new study, 40 per cent of financial advisers have seen an increase in demand for retirement planning and advice during the pandemic. With the events of the last year highlighting the importance of financial planning, the ‘Managing Lifetime Wealth: retirement planning in the UK‘ report has found a surge in demand for […]
Insurer MetLife UK has conducted a study that has revealed that one in four homeowners have previously had an accident or illness, leaving them in financial difficulty leading to a missed mortgage payment. With many homeowners already facing difficulties with their mortgage, due to the economic impact of COVID-19, the research highlights the need to […]
The Investing and Saving Alliance (TISA) has said that Auto-enrolment (AE) contributions must rise to 12 per cent to put the UK on par with the rest of the Organisation for Economic Co-operation and Development (OECD) countries. Analysis of official data by TISA has revealed that Britons receive the lowest net pension entitlements within the […]
As one tax year ends and another begins it is important that savers take full advantage of the tax-free savings offered by the annual ISA allowance. Although the Government has once again frozen the allowance for another year at £20,000, savers should arrange their income to make full use of these tax-advantageous saving schemes – […]
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