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Comments Off on One-year freeze for business rates multiplier in England

One-year freeze for business rates multiplier in England

One-year freeze for business rates multiplier in England

One of the key factors that determine the tax on a business’s right to occupy commercial property in England has been frozen for 2021/22, the Chancellor has confirmed. Buried in the supporting documents of Spending Review 2020 was a freeze on the business rates multiplier, which the Government expects to save retailers £575 million up … Continued

Comments Off on National living wage to increase alongside age threshold fall

National living wage to increase alongside age threshold fall

National living wage to increase alongside age threshold fall

Employers of low-paid workers in the UK will have to absorb another rise to the national living wage and pay it to over-23s from April 2021, the Chancellor has confirmed. Rishi Sunak confirmed the increase in his Spending Review 2020, in which it was announced the national living wage will increase from £8.72 to £8.91 … Continued

Comments Off on HMRC issues last reminder for 2019/20 personal tax returns

HMRC issues last reminder for 2019/20 personal tax returns

HMRC issues last reminder for 2019/20 personal tax returns

HMRC is reminding taxpayers that the deadline to submit 2019/20 personal tax returns through self-assessment is on or before midnight on 31 January 2021. Last year, a record-breaking 11.1m taxpayers complied with filing their personal tax return for 2018/19 on time, while around 8% missed the deadline altogether. More than 700,000 people left it to … Continued

Comments Off on Annual investment allowance remains at £1m until 2022

Annual investment allowance remains at £1m until 2022

Annual investment allowance remains at £1m until 2022

A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury confirmed. The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant and machinery investments up to … Continued

Comments Off on Brexit Guides

Brexit Guides

Brexit Guides

Guides for clients below: Brexit Planning Guide Brexit Checklist Brexit Update  

Comments Off on Self-employed fear tax returns may affect fourth SEISS claim

Self-employed fear tax returns may affect fourth SEISS claim

Self-employed fear tax returns may affect fourth SEISS claim

Some self-employed workers fear submitting their 2019/20 tax return early might affect their ability to claim a fourth taxable grant from the Government.  The deadline to submit tax returns for 2019/20 through self-assessment is on or before midnight on 31 January 2021, with around 10.7 million returns sent in last year. Last month, an extension … Continued

Comments Off on Government body urges capital gains tax overhaul

Government body urges capital gains tax overhaul

Government body urges capital gains tax overhaul

Current capital gains tax rates are too complex and should be aligned with income tax rates, according to the Office for Tax Simplification (OTS).  Capital gains tax in the UK is charged at 10% and 20% for most taxable assets, or 18% and 28% for residential property that is not a main home. Income tax … Continued

Comments Off on Furlough scheme extends UK-wide until the end of March

Furlough scheme extends UK-wide until the end of March

Furlough scheme extends UK-wide until the end of March

The furlough scheme has been extended until 31 March 2021, following a temporary extension last month.  The scheme was initially extended until 2 December 2020, prior to a second national lockdown in England. That guaranteed furloughed workers 80% of their salary – up to £2,500 – for hours not worked during the last four weeks. … Continued