Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee. However, special rules apply which modify this rule if you pay your employees earlier than usual over the…Read More
Less cars and other modes of transport made an appreciable impact. Before lockdown the government had introduced incentives particularly relating to electric cars. Some of these incentives differed in different parts of the UK, particularly in Scotland where more incentives are available and detailed below. Electric Cars – 100% Allowances The government in its drive…Read More
The deadline for filing your 2020/21 self-assessment tax return is midnight on 31 January 2022. However, if you have underpaid tax and you are employed and would prefer HMRC to collect that underpayment through your tax code, you will need to file your return online by midnight on 30 December 2021. You can also have…Read More
To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to an end, and a new reduced rate of 12.5% applies from 1 October 2021 until…Read More
The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1 January 2019 to 31 December 2021. It was due to return to its…Read More
The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021. Some of the highlights are discussed below. The self-employed The self-employed pay Class 2 and Class 4 contributions. Class 2 contributions are weekly contributions payable where profits exceed the small profits threshold. For 2022/23, the small profits threshold is £6,725 and the…Read More
Personal allowance As previously announced, the personal allowance remains at £12,570 for 2022/23. The allowance is reduced by £1 for every £2 by which adjusted net income exceeds £100,000. This means that where income exceeds £125,140, the personal allowance is lost in its entirety. Rates and bands The basic rate remains at 20%, the higher…Read More
On 8 September 2021, the Prime Minister outlined the Government’s plans for health and social care, including a new funding strategy designed to meet social care costs. A new tax, the Health and Social Care Levy, is to be introduced from 2023. However, as a temporary measure prior to its introduction, National Insurance contributions will…Read More
Welcome to our new blog section for limited companies – on here we will provide you with upto date information in respect of limited companies and how tax changes might affect you and planning ideas. We have created a new team at broadbents which can support you with any questions you have in respect of…Read More
In 2024, all sole traders, partners and partnerships will have to do their tax and accounting digitally through Quickbooks. There will be various opportunities for each of our clients to start the process of becoming digital in time for 2024, Quickbooks will host the training sessions online. At the moment we are still discussing some…Read More
With their employer training programme currently suspended due to the ongoing coronavirus pandemic, the Equality Commission are now providing a number of training sessions as online webinars. These will focus on a number of issues for employers. Topics include an introduction to understanding equality in the workplace, promoting sex equality, people with disabilities, employees with…Read More
If HMRC decide to investigate your tax or your corporation tax, you or the company must co-operate with them, and let your accountant know ASAP. Even though HMRC randomly select who they are investigating, you must let your accountant know and ask them to gather all the information to pass to HMRC. However, your accountant…Read More
Help to Grow: Digital is a new UK-wide scheme to help small and medium size businesses (SMEs) adopt digital technologies that are proven to increase their productivity. The scheme will offer SMEs free and impartial advice on how technology can help their business. An online platform will help them to: identify their digital technology needs assess technology…Read More
Grants of up to £15,000 plus business support are available to social entrepreneurs that are looking to start or grow an existing social venture; the funding is being made available through the UnLtd. UnLtd are committed to providing 50% of their awards to Black, Asian and minority ethnic social entrepreneurs, and/or disabled social entrepreneurs. To…Read More
Since 6 April 2021 large and medium-sized organisations, based on the Companies Act criteria, have had to determine whether or not a worker supplying his services via their own personal service company would be treated as an employee if directly engaged. This replaced the IR35 rules for these larger organisations. HMRC suggest organisations use their…Read More
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