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Scotland – December and January Hospitality Top-up Grant

What is the aim? • To support the hospitality sector who have lost crucial bookings during December 2021 and January 2022. What is the nature of the grant? • It is a one off grant payment based upon the rateable value of the business premises. • £4,500 for premises that have a rateable value of […]

Watch out MTD ITSA is coming April 2024

What is MTD ITSA? Making Tax Digital for Income Tax Self-Assessment. Who could be affected by it? Self-employed individuals and landlords with a tax year turnover exceeding £10,000. Partnership which consists only of individual partners. The turnover threshold takes account of the combined turnover of a person’s total number of businesses and rental properties. Please […]

Watch out Self-Employed – Changes ahead

Who does this affect? Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th What is the present position? For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year. Example of the Present Position […]

Making Tax Digital (MTD) For Property Landlords (PL)

When does MTD come in for PLs? The earliest date would be 6th April 2024. When would a PL have to register for MTD? The earlier of: The tax year following that in which your gross rental turnover figure exceeds £10,000 or more. Or The tax year following that in which your gross rental turnover […]

The Help to Grow Management Programme

Who is behind this course? • The UK government. • It was announced in the 2021 Budget. What is the aim of this programme? • To provide chief executives or members of a senior management team the skill set to develop their reach in growth markets. • To improve employee engagement. • To strengthen each […]

Self-employed Income Support Scheme (SEISS) 5th Grant Claim

What period does the 5th grant cover? • May 2021 to September 2021 inclusive. When can the 5th grant claim be made? • If you may be eligible, HMRC should contact you around mid-July 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal. • The […]

Cryptoassets – The UK Tax Position

HMRC’s viewpoint • There is no specific Cryptoassets (CAS) tax legislation. • The tax position will depend upon a number of factors such as the level of activity involved, how the CAS were acquired and what happened to the CAS in your possession. When might a capital gains tax liability arise? • When you sell […]

The Recovery Loan Scheme (RLS)

What is the aim of the RLS?  • To enable UK businesses who have been affected by the Covid-19 pandemic to access Government backed loans from accredited lenders.  When does the RLS open?  • It opens on 6th April 2021 and will run until 31st December 2021.  What type of business is eligible for the […]

What’s changing from April 2021?

Van Benefit Charge • From 6th April 2021, the van benefit charge is reduced to zero for employees provided with vans that produce zero carbon emissions. Capital allowances from 1st April 2021 – Cars • A 100% first year allowance for cars will only be available for electric cars or cars with zero CO2 emissions […]

Company Super Deduction Allowance 130%

What is it? • It is a 130% first year allowance deduction for expenditure incurred in purchasing plant & machinery that would normally qualify for a main rate writing down allowance of 18%. When can you claim it? • You can claim it for expenditure incurred on or after 1st April 2021 up to and […]