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Don’t forget to include Covid-19 payments on self-assessment returns

21st Jan 2022

With the 2021 self-assessment tax return deadline on 31 January, HMRC has been busy reminding taxpayers to declare any Covid-19 grant payments they might have received. This is the first year they need to be included. Most self-employed taxpayers will have received Self-Employment Income Support Scheme (SEISS) grants during the Covid-19 pandemic, and now must … More Don’t forget to include Covid-19 payments on self-assessment returns

New Covid-19 business support package

18th Jan 2022

A new support package has been announced to assist businesses impacted by the Covid-19 Omicron variant. Applications are open to the end of February, but many have said the measures don’t go far enough given the extensive losses suffered in the hospitality and leisure sectors over the festive period. … More New Covid-19 business support package

Universal Credit eligibility expands to higher rate taxpayers

29th Dec 2021

Autumn Budget reforms have created a surprising clash of benefits and income tax. … More Universal Credit eligibility expands to higher rate taxpayers

Freeports up and running

24th Dec 2021

The first eight Freeport designated tax sites have now opened in Teesside, Humber and Thames. Freeports and their tax sites benefit from various incentives and tax breaks, but it remains uncertain whether they will provide the promised boost to the UK economy. … More Freeports up and running

Treasury sets aside CGT and IHT change agendas

22nd Dec 2021

Tax and Administration Maintenance (TAM) Day is a new phenomenon brought in by the Treasury to try and move away from the traditional all-in-one Budget. Following the first ‘Tax Day’ in March, the end of November saw another round of announcements. … More Treasury sets aside CGT and IHT change agendas

Cryptoassets tax confusion

20th Dec 2021

HMRC is sending letters to taxpayers who they believe hold cryptoassets, advising them of the potential capital gains tax (CGT) implications and linking to relevant guidance. Many taxpayers will be unaware that simply exchanging one type of token for another is a disposal for CGT purposes. … More Cryptoassets tax confusion

Minimum wage to increase in 2022

1st Dec 2021

From 1 April 2022, the rate of National Living Wage paid to workers aged 23 and over will rise by 6.6%, or 59p, to £9.50 an hour. Apprentices will benefit from an 11.9% uplift to their current hourly rate of National Minimum Wage. For full-time workers, the 59p increase equates to extra annual salary of … More Minimum wage to increase in 2022

Import VAT confusion continues

26th Nov 2021

The system of postponed VAT accounting for import VAT has been up and running since the start of the year, but there is still a lot of confusion. You may be experiencing some of these common problems. Monthly statements Some importers have had difficulty accessing their monthly import VAT statements. The trick is to start … More Import VAT confusion continues

The Autumn Budget – taxed and spent

23rd Nov 2021

After already increasing taxes by £42 billion a year in 2021, the main focus of Chancellor Rishi Sunak’s Autumn Budget was on spending. The first Autumn Budget in three years – and Mr Sunak’s third in less than 20 months – featured no significant increases in tax. The task of raising extra revenue had already … More The Autumn Budget – taxed and spent

Positive news for business rates from the Chancellor

17th Nov 2021

The Autumn Budget announcements included a series of measures to alleviate the burden of business rates in England. For 2022/23, 50% relief will be available for eligible retail, hospitality and leisure properties, and the business rates multipliers will again be frozen. 2022/23 measures The business rates multipliers for the current year have already been frozen … More Positive news for business rates from the Chancellor