Tax

Budget 3 March 2021 – Key Points

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...

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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...

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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...

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Cash Basis Accounting for Small Businesses

Key features Cash basis is a way of working out a business’s income and expenses for a Self-Assessment Tax Return. The cash accounting regime is voluntary and available to unincorporated businesses. Using cash basis requires records to be kept in a certain way from...

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Expanding to the UK: Taxes Your Business Will Face

Many companies are migrating to Britain and especially London to take advantage of the resources available to businesses. London has long been established as leading centre for banking and finance and with the emergence of tech city it is fast becoming...

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Changes to Workplace Pension Schemes

Background Previously UK employers were not required to contribute to their employees’ pension schemes, however this is set to change with new laws which started to come into force from October 2012.  As an employer, even if you employ just one person, you will...

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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...

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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,...

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How to Keep Good Financial Records

Keeping good financial records is of vital importance to a business of any size, not just from an accounting point of view but also from a management and business running perspective. As well as being used to assess tax liabilities, accurate financial records can be...

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