Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the Despatch Box to deliver the first full Budget to have taken place in 504 days and the first unaffected by the immediate impact of the pandemic since October 2018.
Taxpayers have been reminded that a penalty deadline for unpaid Self-Assessment tax is imminent.
Pensions and taxation are complicated subjects, with many factors coming into play. We have put together a few questions and answers to help guide you: Are my pension contributions taxed? You’ll only pay tax if you go above the annual pension allowance, which is currently £40,000. This reduces to only £4,000 for the highest earners […]
Both the SEIS and EIS schemes are designed to help small businesses raise finance, by offering a range of attractive tax reliefs as an incentive for investors to purchase new company shares. Any entrepreneur seeking investment through an EIS or SEIS hands over equity in exchange for capital funding. It is not a scheme that […]
The Institute for Fiscal Studies (IFS) has predicted that taxes will need to rise by more than £40 billion a year by the middle of the decade to prevent Government debt from growing out of control. The widely-respected think tank issued the warning following the news that the Government’s Coronavirus response has cost more than […]
HM Revenue & Customs (HMRC) has received more than 50,000 claims for tax relief for working from home since opening a new online portal on 1 October. Since the start of the current tax year on 6 April 2020, employers have been permitted to pay employees up to £6 a week in respect of the […]
The Office of Tax Simplification (OTS) is calling on HM Revenue & Customs (HMRC) to simplify the process of applying for tax reliefs so that fewer taxpayers miss out. In total, the UK has 1,190 tax reliefs, that each require taxpayers to claim or make an election to benefit from them. The OTS in its […]
A survey of almost a thousand company directors by the Institute of Directors (IoD) has found that nearly a quarter of businesses are not prepared for Brexit and do not expect to be ready by the end of the transition period on 31 December 2020. A further 21 per cent said they were still not […]