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Comments Off on Report spares taxpayers from last month’s loan charge deadline

Report spares taxpayers from last month’s loan charge deadline

Report spares taxpayers from last month’s loan charge deadline

An eagerly anticipated report into the controversial loan charge has provided respite for thousands of people. The Government revealed a string of concessions to lessen the severity of the policy, which seriously distressed those affected. Up to 50,000 people were paid through so-called disguised remuneration schemes dating back to 1999. Prior to the publication of … Continued

Comments Off on Employers to pick up the bill for 6.2% national living wage increase

Employers to pick up the bill for 6.2% national living wage increase

Employers to pick up the bill for 6.2% national living wage increase

The hourly national living wage rate for over-25s will increase from £8.21 to £8.72 for 2020/21. The Low Pay Commission published recommendations for the new rates, which kick in from 1 April 2020. The national living wage is the Government’s minimum wage for over-25s. The minimum wage for under-25s will also rise. Workers aged between … Continued

Comments Off on Budget Day is now 11 March 2020

Budget Day is now 11 March 2020

Budget Day is now 11 March 2020

The December General Election meant that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again together with … Continued

Comments Off on Quarter of Small Businesses in the UK Expect to go Bust by 2024

Quarter of Small Businesses in the UK Expect to go Bust by 2024

Quarter of Small Businesses in the UK Expect to go Bust by 2024

A quarter of small business owners in the UK believe their company will fold in the next four years, research has claimed. Late payments (54%), tax rates (44%) and cyber-attacks (27%) were the biggest concerns among the 500 owner-managers polled by cloud accounting software provider Xero. Other challenges included Brexit (44%), maintaining or boosting levels … Continued

Comments Off on Budget Set to Take Place in February Once Brexit is Resolved

Budget Set to Take Place in February Once Brexit is Resolved

Budget Set to Take Place in February Once Brexit is Resolved

The new government intends to announce the 2020/21 tax rates, bands and allowances in a full Budget next month. Prime Minister Boris Johnson secured a handsome majority on 12 December 2019, and swiftly returned Sajid Javid to the position of Chancellor. Javid was poised to deliver his first Budget speech in November 2019, only for … Continued

Comments Off on Mayoral Inclusive Growth Fund Grant

Mayoral Inclusive Growth Fund Grant

Mayoral Inclusive Growth Fund Grant

Liverpool City Council (LCC) is offering a short-term grant for organisations across the city, for new* projects, that contribute towards the aims and priorities of the Inclusive Growth Plan. The project must: Tackle an underlying issue in your local community Benefit the wider community and not just support a single user group Make a real long … Continued

Comments Off on Complex Taper Rules Could Lead to ‘Huge’ Tax Bills for High Earners

Complex Taper Rules Could Lead to ‘Huge’ Tax Bills for High Earners

Complex Taper Rules Could Lead to ‘Huge’ Tax Bills for High Earners

High earners could face large tax bills if they fail to declare pension contributions on their 2018/19 tax returns, according to a report. When completing self-assessment, taxpayers are asked if they have put any money into a pension scheme above the annual pensions allowance. For most people, this allowance is £40,000 – but for every … Continued

Comments Off on Advisory Fuel rate for Company Cars from 1 December 2019

Advisory Fuel rate for Company Cars from 1 December 2019

Advisory Fuel rate for Company Cars from 1 December 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p   8p 1600cc or less   9p (10p)   1401cc to 2000cc 14p   9p … Continued

Comments Off on Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

A report into the loan charge may not be published until after the deadline for settling claims with HMRC has passed. Up to 50,000 people whose employers had paid them through loans from offshore trusts dating back to 1999 were warned they could face huge tax bills. They were issued with a 5 April 2019 … Continued

Comments Off on Postpone off-Payroll Extension to the Private Sector Until 2021

Postpone off-Payroll Extension to the Private Sector Until 2021

Postpone off-Payroll Extension to the Private Sector Until 2021

Extending off-payroll rules to the private sector in April 2020 should be delayed by a year, a tax group has said. Chancellor Sajid Javid intended to deliver his first Budget speech on Wednesday 6 November, only for it to be scrapped after a second Brexit extension was granted. In light of that and the subsequent … Continued