In a clear breaking of a manifesto pledge, Boris Johnson has announced a 1.25% tax levy, to be applied through National Insurance (NI) contributions and dividend taxation, to help plug a funding gap in NHS and social care spending. But what does this mean for you? How much extra will I pay? As an employee, […]
As part of the continued push towards a fully digitised tax system, plans have been outlined by the Treasury for the self-employed to begin paying their taxes on a PAYG (Pay-As-You-Go) basis. Currently, freelancers and the self-employed pay tax annually or bi-annually as part of the self-assessment tax return process and based on their actual […]
Nobody likes paying tax, whether via their business or personally and the question of ‘How can we reduce our corporation tax bill?’ is one we are faced with almost daily. Sadly, the query tends to come when it is either too late to do anything i.e. they are looking at their completed accounts and therefore […]
HMRC has announced that self-assessment tax returns for the 2020/21 tax year will contain a question relating to pandemic support as it seeks to recover incorrectly claimed monies. If you are required to complete a self-assessment tax return then you will recently have received a notice reminding you to complete your return for the tax […]
The long-term ambition of Making Tax Digital is to simplify that tax system, speed up calculation and collection and also close loopholes that are estimated to cost the treasury up to £31bn a year in unpaid taxes. Whilst its phased rollout has been subject to delays and changes due to Covid and Brexit, Chancellor Rishi […]
Perhaps it was the lack of wiggle room afforded to him or the fact that today’s Government is like a sieve when it comes to news of plans and ideas circulating around the cabinet table, but the lack of surprise elements in this week’s budget was probably, in itself, not a surprise.
Having picked up the Treasury reins just weeks before the Covid pandemic broke, Chancellor Rishi Sunak has so far had little room to manoeuvre or stamp his own brand on the economic plan for the UK. Despite making numerous announcements and unveiling multiple recovery and support plans, his budget statement on March 3rd 2021 is […]
Whilst there no longer appears to be anything that is truly unusual in the current climate, the Chancellor took the unusual decision to cancel November’s planned budget statement and delivered a Winter Economy Plan in its place. This move once again underlines the lack of long-term certainty that the Covid pandemic is enforcing on the […]
Early rumblings of an online sales tax bubbled to the surface last week when the Treasury issued a call for evidence as it reviews the changing face of consumer buying habits. Acknowledging that the Covid-19 pandemic has had a significant impact on how business is done, the Treasury said that it was looking at measures […]
A thinktank has suggested charging capital gains tax on primary residences as one potential form of taxation that could help the treasury fill the black hole in public finances left by Covid-19. At present, primary residences are only subject to stamp duty (excluding the current stamp duty holiday) and in some cases inheritance tax, where […]
Planned rollout of IR35 legislation to the Private sector, which was due to take place on 6 April 2020, has met with renewed criticism, this time with the House of Lords requesting wholesale review of the measures. Due to the Coronavirus outbreak, the introduction of IR35 legislation to cover the private sector, has been put […]
A Tax Raising Tory Government? I have been in the accountancy game a while now, too many years to mention perhaps. During that time, I have seen many governments of all colours and persuasions and as a firm we have endeavoured to help our clients, both personal and commercial, navigate the peaks and troughs of […]