Amid spiralling living costs, and significant differences between the tax rates on capital gains and income, company share schemes may offer an appealing option both for you and your employees. The measures taken by Chancellor Rishi Sunak to increase personal taxes, such as the increase in National Insurance now in effect, along with freezing allowances […]
If you manufacture or import 10 or more tonnes of plastic packaging within a 12 month period, you may need to register for plastic packaging tax. What is the plastic packaging tax? On 1 April 2022, the UK government enforced a tax applicable to some plastic packaging manufacturing and imports (or packaging for which plastic […]
Chancellor Rishi Sunak has delivered his Spring Statement against a backdrop of rising fuel, energy and food costs. We’ve summarised the headline announcements below: Other notable points included the Chancellor’s intent to explore ideas around education and training, increasing capital investment and boosting innovation, as well as there being no delay in the NI increase […]
Chancellor Rishi Sunak has suggested SME businesses are not investing enough into Research & Development (R&D) tax credits to make the current system viable. The Chancellor is frustrated that despite spending “huge and rapidly growing sums” on the tax credit scheme, the amount of growth being generated is falling short. The Office for Budget Responsibility […]
During the 2020-21 financial year, 47% of investigations by the Treasury resulted in no money being retrieved, rising from 31% the previous year. HMRC investigations resulting in no additional tax can cause taxpayers a large amount of unnecessary stress, in addition to the time and money spent by those under investigation to fully cooperate with […]
Payroll Giving offers your employees the choice to donate money to a UK charity without paying tax on it. How does it work? The Payroll Giving scheme, set up by the Government in 1987, enables anyone receiving pay or a pension, subject to PAYE, to donate to charity from their gross pay. The tax relief […]
Chancellor Rishi Sunak has delivered the Autumn Budget 2021. In this summary we provide some details of the tax changes announced that will be of interest to owner-managed businesses, entrepreneurs and private clients. We hope you enjoy reading this and if you would like to discuss anything within your own context further, please do not […]
The Government’s Coronavirus Job Retention Scheme (CJRS) scheme ended at the end of September. HMRC’s attention will now turn to reviewing the accuracy of the claims made. It has been estimated that the error and fraud rate in the CJRS scheme could have been between five and ten per cent (£1.75 – £3.5 billion) by […]
From April 2022 certain National Insurance Contributions (NICs), paid by both employed and self-employed workers, and dividend tax rates will both rise by 1.25% in an effort to help fund the cost of health and social care. NIC rate changes From 1 April 2022, there will be a temporary 1.25 percentage point increase in class […]
On 1 August employer contribution doubled to 20% and will remain at this level until the scheme ends on 30 September 2021. Employers must now pay 20% of the wages covered by furlough, up to a maximum of £625 a month. Announced in the 2021 Budget, the furlough scheme was extended to 30 September 2021, […]
