On the 3rd of March 2021, The Chancellor delivered the budget. A summary of the main points are as follows: COVID-19 Support Extension of the Coronavirus Job Support Scheme to September 2021Self Employment Income Support scheme extended to September 2021, with 600,000...
Personal tax
Budget 16 March 2016 – Key Points
Personal Tax The threshold at which people pay 40% tax will rise from £42,385 to £45,000 in April 2017. Tax-free personal allowance rising to £11,500 in April 2017. 0.5% rise in insurance premium tax. Capital Gains Tax Capital Gains Tax to be cut from 28% to 20%, and...
Budget 8th July 2015 – Key Points
Below are the key points from George Osborne’s 2015 summer budget in relation to businesses and personal tax changes. Businesses Corporation Tax will be cut from its current rate of 20% to 19% in 2017 and 18% in 2020. National Insurance employment allowance for small...
Festive Spirits
Around this time of year there can be many business events such as Christmas parties and trips for employees as well clients. Many employers have trouble distinguishing between allowable expenses and disallowable expenses in terms of tax so I have put together this...
IR35: Calling All Contractors
IR35 was a piece of legislation brought in by HMRC 12 years ago in an attempt to tackle tax and National Insurance avoidance schemes through the use of intermediaries such as partnerships or companies. HMRC’s view was that a large number of IT Consultants,...
Child Benefit Changes
From the 7th January 2013 The Government will introduce the new High income child benefit tax charge (HICBC). The Government’s plans will means test child benefit, taking it away from tax payers earning over £60K and tapering it where income lies between...