Employers who have employees paid at the National Living Wage (NLW) or National Minimum Wage (NMW) rates should be applying new rates of pay from 1 April 2021. In full, the increases from April 1, 2021 are: NLW (23 ) has increased 2.2%, from £8.72 to £8.91 NMW (21-22) has increased 2%, from £8.20 to […]
Since 15 March 2021, smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. The £20 million SME Brexit Support Fund enables traders to access practical support, including training for new customs, rules of origin and VAT processes. Small and […]
The government has confirmed its intention that furloughed employees will be paid 80% of their wages for hours not worked under the furlough scheme. Up to 30 June 2021, this payment will be fully-funded by government and capped at £2,500 per month. From 1 July 2021, employers are required to contribute 10% of the 80% […]
Many businesses across the UK are likely to make losses in the 2020-21 tax year due to the havoc resulting from COVID disruption. Which was why the announcement in the recent Budget that losses can be carried back for an extended period was most welcome. The policy objective aims to provide a cashflow benefit to […]
If you became self-employed after 5 April 2019 and you have submitted your 2019-20 tax return before 2 March 2021, you may be eligible for the next two Self-Employed Income Support Scheme (SEISS) grants for the quarter end 30 April 2021 and the final claims period to 30 September 2021. HMRC has announced that they […]
Perhaps the most innovative give-away in the recent budget was “Super-deductions for investment expenditure”. What does this mean? Companies that invest in qualifying plant and machinery in the period from 1 April 2021 to 31 March 2023 will benefit from enhanced capital allowances. Investments in assets that qualify for the main rate of capital allowances […]
The government has announced new measures to support a safe and successful reopening of the high streets and seaside resorts ahead of the summer season. A new £56 million Welcome Back Fund will help councils boost tourism, improve green spaces and provide more outdoor seating areas, markets and food stall pop-ups – giving people safer […]
An outline of the Finance Bill 2021 has been published and provides the legal framework for changes announced in the recent Budget. We have reproduced below the published text. This is subject to scrutiny by parliament and may change before the Bill receives Royal Assent. The Bill will ensure a number of tax changes set […]
HMRC has recently clarified the action you need to take if you have claimed too little or too much under the furlough scheme (Coronavirus Job Retention Scheme). They are published in a FAQ format. Here’s what they say: What if I’ve claimed too much in error? If you have claimed too much CJRS grant and […]
Most company business owners understand that if you incur a cost that is wholly and exclusively for the purpose of your trade, then it can be deducted from your taxable profits or added to tax losses. Likewise, if companies invest in plant or other equipment that qualifies for tax relief, even though the expenditure is […]