Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Can you claim the Employment Allowance for 2021/22?
Can you claim the Employment Allowance for 2021/22? The Employment Allowance is a National Insurance allowance that enables eligible employers to reduce their employers’ (secondary) Class 1 National Insurance bill by up to £4,000. However, not all employers can claim th...
Further grants for the self-employed
Further grants for the self-employed The Self-Employment Income Support Scheme (SEISS) has provided grants and support for self-employed individua...
Take advantage of the enhanced carry back of losses
Take advantage of the enhanced carry back of losses Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the l...
Personal and family companies – Optimal salary for 2021/22
Personal and family companies – Optimal salary for 2021/22 A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employmen...
National Insurance contributions for 2021/22
National Insurance contributions for 2021/22 The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes. Employees and Employers Employees pay primary ...
Business interruption insurance – Are pay-outs taxable?
Business interruption insurance – Are pay-outs taxable? Business interruption insurance provides cover for losses as a result of events that close or severely disrupt the business. Policies may cover a loss of profits that arise as a result of the ‘interruption’. The...
Changes to IR35 and Off-Payroll rules
IR35 and off-payroll working – What to do from 6 April 2021 if you provide services through an intermediary Prior to 6 April 2021, workers who provide their services to a private sector organisation through an intermediary, such as a personal service company, need to con...
The difference between legal and illegal dividends
Legal v illegal dividends There are many differences between legal and illegal dividends that as a business you need to be aware of. Changed business conditions in light of the Coronavirus pandemic have caused many companies to review thei...
The Spring Budget 2021 Our 2021 Spring Budget summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...
Statutory payment changes from April 2021
Statutory payments from April 2021 By law, there are various statutory payments that an employer must make to an employee while the employee is absent from work. This can arise from the birth, adoption or death of a child. The employer must pay employees who meet the qua...
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