Budget Update Archives - Page 4 of 7 - Potts & Co Accountants Ltd

Nov 23 2021

Potts & Co Accountants Ltd - Accountancy & Business Advice

Capital Gains Reporting Pressure Eased

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

If you sell a UK residential property subject to capital gains tax (CGT) you must report the gain and pay the tax within 30 days of the completion date of the deal. The report generally has to be done online through a UK property account which needs to be activated…

Nov 23 2021

Business Rates Reliefs

By admin Budget Update, Business Rates, Covid-19, HMRC, Potts & Co Accountancy & Business Advice News

High street shops, hospitality and leisure businesses were some of the hardest hit during the Covid-19 pandemic and many have not fully recovered. These businesses were granted 100% business rates relief during 2020- 21 which continued until 30.6.21 for properties in England. Different rates reliefs apply in Scotland and Wales.…

Nov 22 2021

Incentives For Research & Development

By admin Budget Update, Potts & Co Accountancy & Business Advice News, Research & Development (R&D)

Research and development (R&D) tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However, the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a typical internet-based business. From April 2023…

Nov 21 2021

Increases In Income Tax

By admin Budget Update, Dividends, HMRC, Income Tax, National Insurance, Potts & Co Accountancy & Business Advice News

The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6.4.22. Higher rate taxpayers will pay 33.75% on dividends and additional rate taxpayers must budget for dividend tax of 39.35%. These rates will apply to all dividends taken from all companies where…

Nov 20 2021

Capital Investment Encouraged

By admin Annual Investment Allowance (AIA), Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Superdeduction

In the March 2021 Budget the Chancellor announced a superdeduction scheme that provides a 130% deduction for the cost of new plant or equipment if it is purchased by a company before 1.4.23. Expenditure on other new assets such as fixtures and integral features in buildings can also qualify for…

Nov 19 2021

Universal Credits Claimants To Keep More Wages

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Universal Credit

Many employed and self-employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much-needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently, the taper rate is 63% which means…

Nov 18 2021

National Minimum Wage Rates Rise

By admin Budget Update, HMRC, National Minimum Wage (NMW), Potts & Co Accountancy & Business Advice News

The national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1.4.22 along with the other national minimum wage rates (see table). Since 6.4.21 the NLW rate has applied to workers aged 23 and over. The apprentice rate will rise significantly by 11.9%…

Mar 21 2021

VAT Boost for Hospitality

By admin Budget Update, Covid-19, HMRC, Hospitality Industry, Potts & Co Accountancy & Business Advice News, VAT

Many hospitality venues have been closed for almost a year and are still unable to open under the Covid-19 restrictions. To help them survive this period, the Government has given them a 15% VAT reduction on most sales. Where the business would normally collect 20% in VAT they currently only…

Mar 20 2021

Two New SEISS Grants

By admin Budget Update, Covid-19, Grants, HMRC, Potts & Co Accountancy & Business Advice News, Self-Employed Income Support Scheme (SEISS)

As a self-employed individual, you may have been able to claim up to three grants under the self-employed income support scheme (SEISS) since the start of the pandemic. Two more SEISS grants will soon be made available, capped at £7,500 each. Each of these new grants will be based on…

Mar 19 2021

Frozen Bands & Allowances

By admin Budget Update, Capital Gains Tax, HMRC, Income Tax, National Insurance, Personal Tax, Potts & Co Accountancy & Business Advice News

Income tax and national insurance contribution rates have been frozen for 2021-22 and are likely to remain frozen until the end of this Parliament in 2024. By freezing the personal allowances and tax bands at their 2021-22 levels the Chancellor is causing the value of those allowances and bands to…

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