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Budget 2021 – Summary for those in business

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Budget 2021 summary for those in business

Rishi Sunak the Chancellor of the Exchequer delivered his budget 2021 today. Below we highlight the key points for those in business:  Self-employment grants – The Self Employment Income Support Scheme (SEISS) grants will continue.  A fourth grant will keep the same terms as the third grant and can be claimed from late April. The …

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Budget 2021 – Summary for individuals

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Budget 2021 Summary For Individuals

Rishi Sunak the Chancellor of the Exchequer delivered his budget 2021 today. Below we highlight the key points for individuals: Income Tax, National Insurance and VAT rates – No changes to current rates of Income Tax, National Insurance or VAT. Personal Allowance increase – The income tax personal allowance from April 2021 is £12,570 and …

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Completing your self-assessment tax return

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What you need to know before fCompleting your Self Assessment Formiling self-assessment for 2017/18.

It’s a common scenario.

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

Then the weeks start to fly by, Christmas comes and goes, and soon you’re planning for the New Year and getting back to work as normal.

Before you know it, it’s the end of January, you’re searching for your registration details, and HMRC’s waiting times are growing longer as thousands of other taxpayers in the same predicament try to get in touch.

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Deregistering for VAT

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Deregistering for VAT When and how to begin the process of deregistration.

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.

If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.

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Using pension funds in your business

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How your pension savings can help finance your business.

As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.

Funding your business using your pension pot may be an overlooked option compared to these. It can be well worth considering if you want more control over the way you finance your business.

Rather than relying on a traditional lender to buy into your business and provide continued support, using your pension lets you take on the responsibility yourself.

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October Newsletter

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October Newsletter

Our October newsletter brings information on the dividend allowance, a change of mind on Class 2 NICs, the decline in apprenticeships and a call for inheritance tax to be abolished. We also highlight ways to withdraw profit from your business tax efficiently and how your pension savings can help finance your business in our business updates.

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The Chartered Institute of Taxation

The Association of Taxation Technicians

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