A tax efficient salary and dividends are how many directors of owner managed businesses choose to pay themselves. Many directors structure their remuneration this way is to maximise tax efficiency by minimising the tax payable on the money they withdraw from their company. What’s the Most Tax Efficient Director’s Salary in 2021/22? Sole directors – …
The Super Deduction – a new enhanced tax relief for companies introduced from 1 April 2021. The Super Deduction introduced 1 April 2021 until the end of March 2023 enables companies to claim 130% tax relief (through capital allowance) on qualifying plant and machinery expenditure. This is exciting news as it offers a significant tax …
The Chancellor Rishi Sunak delivered his budget on 3 March 2021 setting out the road to recovery for the UK post COVID-19. The budget included a number of announcements of additional support including an extension to furlough, further grants and an extension to the reduced VAT rate for hospitality and tourism businesses to name a …
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 …
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 …
There are significant VAT changes being introduced into the construction industry from 1 March 2021. The rules being introduced are a VAT reverse charge for building and construction services to combat VAT fraud within the construction industry. What is the VAT reverse charge? The VAT reverse charge will apply to businesses who are VAT registered …
The Government announced on 31 October 2020 a further lock down for England commencing on 5 November 2020 to 2 December 2020. Many businesses will be required to close during this period. We empathise with many businesses where this will have a significant detrimental effect. We recommend businesses review their cash position and key areas …
Last Updated: 5 April 2021 If you are self-employed or a member of a partnership and have been adversely affected by Coronavirus you will potentially qualify for a Self-Employment Income Support Scheme Grant. You can make a claim for the grant at https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme. You will require the following details to make a claim: Self Assessment …
Last updated: 5 April 2021 The Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Schemes were closed for new claims from 31 March 2021. However additional flexibility has been added to the original loans to assist businesses with their repayment. Before your first repayment is due, your lender will contact you about further options …
Last Updated: 5 April 2021 Coronavirus Job Retention Scheme – EXTENDED UNTIL THE END OF SEPTEMBER 2021 (Previously March 2021) The government’s Coronavirus Job Retention Scheme (CJRS) has been extended until the end of September 2021. Key points regarding the extended scheme: Neither the employer nor the employee needs to have previously used the CJRS …
The Chartered Institute of Taxation
The Association of Taxation Technicians
