Tax Planning Before New Tax Year

Tax Reliefs 2021 - 2022

With the end of the personal tax year on 5 April 2022, there is still time to use unused tax reliefs to optimise the tax position. Clearly adequate funds need to be in place to pay for day-to-day lifestyle and cover the essential outgoings but there are several ways to shield income and savings from tax and allow you to … Read More

Spring Statement 2022 – Key Announcements For Businesses

Key announcements for businesses

Businesses are facing a challenging time with soaring energy costs, disruption to supply chains, interest rate increases, wage inflation and recruitment challenges with currently 1.3 million vacancies across the UK. The Chancellor set out in the Mais Lecture the Government’s focus to address these issues. Capital – cutting and reforming taxes on business investment to encourage firms to invest in … Read More

Spring Statement 2022 – Income Tax & National Insurance

Individual

National Insurance Sunak says the planned 1.25% rise in national insurance contributions must remain, as a “dedicated funding source” for health and social care.  In 2022/23 the rate of primary Class 1 NICs for employees charged on their earnings, the rate of secondary Class 1 NICs for employers charged on their employees’ earnings, and the rate of Class 4 NICs … Read More

Advisory Fuel Rates From 1 March 2022

Fuel rates from 1 March 2022

From 1 March 2022, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 8 pence 1401cc to 2000cc 15 pence 10 pence Over 2000cc 22 pence 15 pence Engine size Diesel – … Read More

Advisory fuel rates from 1 December 2021

fuel rates from 1 December 2021

From 1 December 2021, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 9 pence 1401cc to 2000cc 15 pence 10 pence Over 2000cc 22 pence 15 pence Engine size Diesel – … Read More

Key tax & accounting deadlines to 31 January 2022

tax & accounting deadlines

With Christmas fast approaching and the busy January tax season soon after, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. November 2021 1 November – Deadline for corporation tax payment for accounting period ended 31 January 2021 7 November – VAT returns and payments for quarter ended 30 September 2021 14 November – CTSA quarterly instalments … Read More

Autumn Budget 2021 Key announcements for businesses

Budget 2021

Autumn Budget 2021 – In March the Chancellor announced an increase to corporation tax rates from April 2023 to 25% for taxable profits above £250,000. Currently we have one unified tax rate of 19% and this will remain for business with taxable profits of up £50,000 with a tapering relief provision in place between the £50,000 up to £250,000 when … Read More

Key changes to Covid-19 support schemes and taxation

furlough

The end of furlough The CJRS furlough scheme (Coronavirus Job Retention Scheme) ends on 30 September 2021. Final claims for September 2021 can now be submitted and should be made by the deadline of Thursday 14 October ’21. For the furloughed employee, employers can claim a maximum of 60% of usual wages for hours not worked, capped at £1,875 per … Read More

Tax and the gig economy

Technological advancements have meant we have more options when it comes to where and when we work and our attitudes towards our working lives has contributed to a growth in the  ‘gig economy’. Gone are the days of a ‘job for life’ and the expectation that we will retire in the same job or even industry that we started in. Those … Read More

Advisory fuel rates 1 September 2017

Advisory fuel rates effective 1 Sep 2017 For employers claiming back business miles when using a company car, the advisory fuel rates from 1 September 2017 are as follows: Engine size                         Petrol – amount per mile            LPG – amount per mile 1400cc or less                     11 pence                                              7 pence 1401cc to 2000cc               13 pence                                              8 pence Over 2000cc                        21 pence                                              13 … Read More