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, […]
The government have this week announced changes in a bid to simplify tax reporting that will come into force by 2023. The changes will see small businesses taxed on profits arising in a tax year, rather than profits of accounts ending in the tax year. Under the current system, tax returns filed by the self-employed, […]
The legalities surrounding divorce will soon be subject to modernisation, with an era of ‘no-fault divorce’ set to begin in Spring 2022. The related tax issues are likely to remain untouched and complicated, yet integral to achieving the best resolution. Careful planning of any proposed divorce settlement should help to minimise the tax cost of […]
The Coronavirus Job Retention Scheme (CJRS), commonly known as furlough, is approaching its final stages. What considerations do businesses need to be aware of? From 1 July 2021 businesses using the scheme will need to begin contributing towards the 80% minimum salary contribution – 10% in July, increasing to 20% in August and September (with […]
Both the Institute for Chartered Accountants (ICAEW) and the Association for Chartered Certified Accountants (ACCA) believe HMRC need to address “poor service levels”. The news comes from a report conducted by the ICAEW which found HMRC have struggled to maintain acceptable levels of service during the pandemic and needed swift investment for this to be […]
The Office of Tax Simplification (OTS) has recommended extending the payment deadline for Capital Gains Tax (CGT) for divorcing couples and those selling property. Introduced in April 2020, the current rules mean that UK residents disposing of a residential property which is liable to CGT have 30 calendar days from the date of completion to […]
As many business owners look to bounce back from the COVID-19 pandemic, business growth often leads to additional tax compliance requirements. An evolution in your business may represent new product launches or entering new territories, with both potentially resulting in new and unfamiliar compliance obligations. Business owners also find themselves having to manage an ever […]
Keeping on top of your business records as well as separate personal records of your income is a crucial exercise if you’re self-employed as a sole trader, or as a partner in a business partnership. From a tax perspective, business records must be held for at least five years from the 31 January submission deadline […]
