Blog
Reporting the SEISS & filing your tax return
Grants claimed through self-employed income support do not need to be repaid, but they are taxable and your obligations start from 31 January 2021.
Making Tax Digital for income tax set for 2023
The Treasury has announced a new timetable for MTD, extending the scheme to all VAT-registered businesses in 2022, and income tax from 2023.
What the economic update means for businesses and employers
Westminster has delivered an economic update containing a raft of temporary measures to help the UK economy recover from the crippling impact of COVID-19. UK GDP fell by more than 25% in March and April 2020 as entire sectors were closed by the coronavirus lockdown....
The residence nil-rate band
Earlier this year, it was far from certain that the final increase to the residence nil-rate band would go ahead. Such was the clamour for change to inheritance tax prior to the Spring Budget back in March, rumours were rife that this could be abandoned. The £100,000...
Changes to the tapered pensions annual allowance in 2020/21
Changes to the tapered annual pension allowance kicked in last month, following a review into how the taper was impacting on the NHS and public service delivery more widely. The taper can gradually reduce the £40,000 annual pension allowance for those on the very...
Coronavirus support for the self-employed and charities
It’s safe to say we’ve experienced an unprecedented start to the new tax year, with coronavirus-related calls keeping us extremely busy. Most of those queries have been related to the furlough scheme - who’s eligible, how much is available and accessibility. The...
Personal tax planning for 2020/21
With less than three weeks to spare before the end of 2019/20, Westminster finally delivered the 2020/21 tax rates. All of that, however, pales into insignificance somewhat when you consider the people and businesses affected by the coronavirus. Since the Spring...
Scottish Budget 2020: Scandal lights up dull affair
What preceded the Scottish Budget 2020 was more entertaining than the speech itself earlier this month. Calamity unfolded on the eve of the Draft Budget on 6 February 2020 after revelations broke in the papers. Finance Secretary Derek Mackay quit hours before...
Mortgage interest relief to be phased out in April
Residential landlords have had a rough time of it over the last few years and their ability to claim mortgage interest relief will end in April. Before April 2017, borrowing money through a buy-to-let mortgage was a tax-efficient method for residential landlords....
Off-payroll working in the private sector
Large and medium-sized businesses that use contractors have been gearing up for off-payroll working rules extending to the private sector next spring. From 6 April 2020, private firms are set to assume responsibility for deciding if a contractor supplies a service as...