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20% VAT Hospitality Tax increase
From the 1st of April, hospitality tax VAT returns to its standard rate - of 20% Since July 2020, hospitality tax was decreased to 12.5% to recover from the impact of the Covid-19 pandemic. This gave businesses the chance to become financially stable after the...
Business Tax: The Spring Budget 2022
The budget laid out by Chancellor Sunak offers small businesses the chance to reduce their energy bills and receive financial support. Regarding business tax, here is the allocation for the Spring Budget on business tax: Making Tax Digital (MTD): April 2022 will see...
Capital Taxes: The Spring Budget 2022
Capital tax is a tax levied on a corporation based on assets rather than income. In2021, CGT generated £10.6 bn. This figure is rising as property and investment prices climb. Therefore, the Chancellor froze most CGT reliefs. Keep informed of changes. The following...
Employment Tax: The Spring Budget 2022
With the national living wage rising by 6.6%, you should be aware of other aspects of employment tax. These changes may affect your business, so we urge you to inform yourself of the new April 2022 employment changes. The following sections highlight the Employment...
Personal Tax: The Spring Budget 2022.
On the 23rd of March 2022, Chancellor Sunak announced the tax rates and bands for the next tax year (2022/23). These include an income tax cut by 1p for most taxpayers. However, this will not be taking place until 2024. The following sections highlight the Personal...
Scammers targeting Self Assessment customers, HMRC warns
HMRC is warning customers to keep their eyes peeled as scammers are targeting Self Assessment customers to try and steal money or personal information. Within the last year, HMRC reported more than 570,000 scams. During this time of year, Self Assessment customers...
Salary exchange from April 2022
From April, national insurance payments will increase as part of the government's plan to aid the economy post-Covid 19. The Salary exchange (Or salary sacrifice) scheme is an agreement to reduce an employee's entitlement to cash pay in return for a non-cash benefit....
Government backs innovative businesses with a new £150 million loan scheme
The loans programme will broaden the financial support available to companies, ensuring they can access funding at all stages of innovation. Some of the UK's innovative companies will benefit from a new scheme that offers up to £150 million to support the business's...
82% of small businesses are unaware of MTD for VAT.
From April 2022, all VAT registered businesses must sign up, whatever they earn. Before the government brought in this extension, only companies whose turnover was more than £85,000 had to sign up for MTD. With less than a month left until the extension of MTD for...
Year-end tax planning
The end of the tax year is approaching fast, firms and accountants are advised to consider if there are any actions to be done before the end of the year to optimise their tax position. Many tax reliefs and allowances are available, creating the financial future you...
