"A bit late in the day, Femi" I hear you thinking. But is it? Some tax planning should happen before the end of the tax year; but the start of a new tax year also…
HMRC’s April interest rate cut
HMRC’s official rate of interest has been cut from 2.25% to 2% from 6 April 2021. This will affect any directors or employees who have a beneficial loan from their employer, as well as directors…
Freeport tax incentives
Among the development measures the Chancellor announced in the March Budget were eight new freeports in England. These are due to enter operation in late 2021, with each freeport including a defined tax site within…
Missing out on tax-free childcare?
By setting up an online childcare account, you can get a government top-up to help with the costs of childcare. However, thousands are missing out on this payment. Tax-free childcare is worth up to £500…
Brain teaser: should you incorporate?
The planned increase in corporation tax has changed some of the mathematics on incorporation. The Budget announced a significant change to corporation tax from 2023: Small companies, with profits of up to £50,000, would continue…
Changing tax payments for SMEs
As making tax digital extends to businesses and landlords from April 2023, the government is considering whether to increase the frequency of tax payments, both for the self-employed and companies. The recently published consultation is…
Shaping the future for business rates
A comprehensive review of business rates is underway in England. The government recently published an interim report, with the final report delayed until autumn. One definite change coming is the closing of a loophole that…
“Hear it Not, Duncan……..
....for it is knell that summons thee to heaven or to hell." I know: not quite the cheerful entry to a blog, however, those immortal words from my favourite Shakespeare play: uttered by Macbeth on…
The Clock’s Ticking: Covid VAT deferral – new payment scheme
Businesses that deferred VAT payments due between 20 March and 30 June 2020, and cannot afford to pay by 31 March 2021, have the option of joining a new scheme allowing them to pay the…
Businesses prepare for long term tax hike
The 3 March Budget provided an immediate sweetener for businesses in the form of a temporary extension to carry back of trading losses, plus, for companies only, a temporary super-deduction for investment in plant and…