Following the impact on businesses in England of the current ‘Plan B’ covid measures and the impact of Omicron on trade in the hospitality sector in particular, the Government has announced a new support package. The package comprises three elements: Dedicated support for the hospitality and leisure sectors in the form of one-off grants worth […]
The main tax and customs duty advantages of locating in a designated freeport area are as follows:- SDLT exemption on the purchase of land and buildings in the area 10 year write off of the cost of constructing or renovating commercial property Enhanced capital allowances for investment in plant and machinery Exemption from employers NICs […]
In his Spring 2021 Budget the Chancellor announced that there would be 8 “Freeports” in England with generous tax breaks to encourage businesses to set up and invest in those areas. The devolved governments will also be announcing locations in Scotland, Wales and Northern Ireland in due course. The proposed locations of the freeports can […]
Many businesses may have been too short of cash to take advantage of the new super-deduction for investing in new plant in 2021 but may be more confident about investing in 2022. This tax break, which started on 1 April 2021 continues until 31 March 2023, allows companies to deduct 130% of the cost of […]
Second hand plant and machinery does not qualify for the 130% super-deduction but would still qualify for the 100% Annual Investment Allowance (AIA). The amount of expenditure qualifying for 100% tax relief was originally scheduled to revert to just £200,000 from 1 January 2021 but will now continue at £1 million until 31 March 2023. […]
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2021/22 tax year (still £20,000 each). You might […]
If your tax payment due on 31 January is more than you expected there is still time to reduce the liability if you are prepared to take a risk. An HMRC tax planning opportunity is to invest in a company that qualifies under the Enterprise Investment Scheme (EIS) or under Seed EIS. These investments enable […]
Date What’s Due 1/01 Corporation tax payment for year to 31/3/21 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/22 (due 22/01 if you pay electronically) 31/01 Deadline for Self-Assessment tax return for 2020/21 if filed online. Also, the due date for 2020/21 […]
No one wants to pay more tax than they have to and yet many savers miss out on important opportunities to reduce their tax bill every year. Paying more tax than you need to could reduce the amount you can invest and save. What’s more, the act of investing in tax-efficient products, such as ISAs, […]
As inflation continues to rise, there is growing speculation that the Bank of England (BoE) will increase its base rate (in fact, by the time you read this it may have already happened). The base rate is often called the interest rate and commonly sets the level of interest that all other banks charge borrowers. […]
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