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Budget Summary Autumn 2021

Chancellor Rishi Sunak presented his Autumn Statement on Wednesday 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was […]

Read more October 28th, 2021

1.25% Increase In NICs And Tax On Dividends

Content accurate at the date of publishing. The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care. From April 2022 it is proposed that there will be a 1.25% rise in National Insurance Contributions […]

Read more October 13th, 2021

MTD For Income Tax Postponed To 2024/25

Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy to let landlords an extra year to […]

Read more October 13th, 2021

Advisory Fuel Rates For Company Cars September 2021

As the result of recent increases in petrol and diesel prices, HMRC have increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The same rates apply when the employer reimburses employees for fuel used for business journeys in their company car. The new rates apply from […]

Read more October 13th, 2021

Capital Allowances On Plant In Residential Property

The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as the flats themselves are the dwellings not the building as a whole. HMRC have recently […]

Read more October 12th, 2021

HMRC Support With Childcare Costs

With more employees going back to work after the end of CJRS furlough support, they need to start thinking about childcare if they have children. If they haven’t already done so employees should set up a “Tax-Free” Childcare Account to help pay towards the cost of childminders, breakfast and after school clubs, nursery fees and […]

Read more October 11th, 2021