Client Portal

Build Your Business, and Keep More of Your Money

Chartered Accountants & Business Advisors

Call Us Today!

News

“Temporary” Annual Investment Allowance Extended

Businesses investing in plant and machinery will welcome yet another extension in the 100% Annual Investment Allowance (AIA) until 31 March 2023. The 100% relief was scheduled to revert to £200,000 on 1 January 2022. This deduction is available to unincorporated businesses as well as limited companies and the equipment does not have to be […]

Read more November 2nd, 2021

No Changes To Income Tax Rates

The basic rate of income tax and higher rate remain at 20% and 40% respectively, and the 45% additional rate continues to apply to income over £150,000. As previously announced in the March Budget, the personal allowance and higher rate threshold have been frozen at £12,570 and £50,270 until 2025/26. As announced on 7 September, […]

Read more November 2nd, 2021

National Insurance Thresholds Changing

The 1.25% increase in the rate of National Insurance Contributions (NICs) paid by workers and employers announced on 7 September to provide extra funds for Health and Social care will go ahead from 6 April 2022. This will become a new Health and Social Care Levy from 2023/24 onwards. Although the income tax personal allowance […]

Read more November 2nd, 2021

Pension Tax Relief Unchanged

There was much speculation that the Chancellor would restrict the tax relief for saving into a pension to basic rate only. Thankfully that has not happened (yet) and the key limits are unchanged. The annual pension input limit for most taxpayers remains at £40,000 which covers both individual and employer contributions. The lifetime pension allowance […]

Read more November 1st, 2021

National Minimum Wage April 2022

National Minimum Wage (NMW) and National Living Wages (NLW) increased from 1 April 2022. Please see the table below for the new rates: Employers should review the ages of employees to ensure they are paid the correct gross pay when carrying out your payroll procedures. At Shapcotts we check an employee’s age as part of […]

Read more November 1st, 2021

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

Kickstart Scheme For Employers

Employers of all sizes can apply for funding to create jobs for 16 to 24 year olds on Universal Credit. Employers can spread the job start dates up until 31 December 2021. You will get funding until 30 June 2022 if a young person starts their job on 31 December 2021. Further funding is available […]

Read more September 27th, 2021

Tips To Help Build Trust With Communication

Good communication skills are key if you want to succeed in business. The key to being an excellent communicator is being able to make each and every person you talk to feel like the most important person in the world. This sounds like a lofty ambition but it is true of some of the most […]

Read more September 24th, 2021

Notify Option To Tax Land And Buildings Within 30 Days

If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days. The 30 day deadline was temporarily extended to 90 days to help businesses and agents during the pandemic, but that temporary extension has now ended for decisions made from 1 […]

Read more September 20th, 2021

5% VAT On Tourism And Hospitality Ends 30 September

The reduced VAT rate of 5% has been extended until 30 September 2021. Following this, an interim rate of 12.5% will be in place for a further six months with the standard rate of 20% returning in April 2022. If you are a VAT registered business, check if you can temporarily reduce the rate of […]

Read more September 20th, 2021