Energy Price Guarantee and Cost of Living Payments • This particular Scheme will apply to England, Scotland and Wales. • A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland. • From 1 April 2023 until 31 March 2024 the typical...Read More
The Health & Social Care Levy cancelled • The Government has announced that the 1.25% increase in National Insurance rates brought in this year will be reversed with effect from 6th November 2022. • In addition, the 1.25% on dividends will be abolished from 6th April 2023. • The proposed standalone Levy due to come...Read More
What is the aim? • To support creative freelancers who have lost income following the cancellation or postponement of work in the arts, screen and creative sectors that was due to take place in the period 27 November 2021 – 31 March 2022 as a consequence of COVID-19. What is the nature of the top-up...Read More
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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
