Budget Update Archives - Page 5 of 7 - Potts & Co Accountants Ltd

Mar 18 2021

Potts & Co Accountants Ltd - Accountancy & Business Advice

Relief for Business Losses

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

Many businesses have made losses during the Covid-19 pandemic. Normally trading losses can be carried back one year to set against profits and generate a repayment of tax. The Government have announced that they will permit businesses to carry back losses for up to three years. Companies that make losses…

Mar 17 2021

Points Mean Penalties

By admin Budget Update, HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

HMRC is changing the way taxpayers interact with them in a project called making tax digital (MTD). Most VAT registered businesses are already submitting their VAT returns using MTD-compatible software and unincorporated businesses will have to use MTD software from April 2023. Income tax reporting by unincorporated businesses will be…

Mar 16 2021

Super Deduction for Capital Expenditure

By admin Budget Update, Capital Expenditure, Corporation Tax, HMRC, Potts & Co Accountancy & Business Advice News

Larger companies may have opted to wait until April 2023 before making major investments in plant or machinery to achieve tax relief of 25% on those costs following the increase in the corporation tax rate. However, the Government wants to encourage those companies to invest sooner so is offering a…

Mar 15 2021

Corporation Tax Complexity

By admin Budget Update, Corporation Tax, HMRC, Potts & Co Accountancy & Business Advice News

The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22. Large companies will then see their corporation tax rate rise from 19% to 25% from 1 April 2023. Companies making no more than £50,000 per year…

Nov 13 2018

Tax Data 2019-20

By admin Budget Update, Corporation Tax, HMRC, Inheritance Tax (IHT), Personal Tax, Potts & Co Accountancy & Business Advice News, VAT

All figures are annual amounts Tax Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500 Tax on earnings Earnings to £34,500 20% £34,501 to £150,000 40% Over £150,000 45% Tax on earnings for Scottish residents Earnings to £37,500 20%…

Nov 12 2018

Making Tax Digital & VAT

By admin Budget Update, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News

There were rumours before the Budget that the VAT registration threshold would be reduced, but the Chancellor has committed to hold it at £85,000 until April 2022. This will provide some certainty to businesses who need to know whether and when they must comply with the Making Tax Digital (MTD)…

Nov 11 2018

Relief For First-Time Buyers

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, Stamp Duty Land Tax

Stamp duty land tax (SDLT) is payable at rates ranging from 2% to 12% when you buy a residential property for £125,000 or more. Higher rates apply to the purchase of second homes and property acquisitions by companies. If a residential property worth up to £500,000 is purchased by one…

Nov 11 2018

Business Rates

By admin Budget Update, Business Rates, Potts & Co Accountancy & Business Advice News

High street shops and restaurants feel the burden of business rates acutely, as the tax does not reduce if their profits fall. The Chancellor announced some help for businesses who operate from retail premises with a rateable value of up to £51,000. Their business rates bills will be cut by…

Nov 10 2018

New Capital Allowances

By admin Budget Update, Capital Allowance, HMRC, Potts & Co Accountancy & Business Advice News

The government wants to encourage businesses to invest in plant and equipment to help them grow their operations and operate more efficiently. Where the cost of those items qualifies for the annual investment allowance (AIA), 100% of the expenditure is set against profits in the year of purchase, so the…

Nov 09 2018

Rollout of IR35 Rules Postponed

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

Where an individual works through his or her own personal company to provide services, such as IT consultancy, that company must abide by the "IR35" rules, which HMRC calls "off-payroll working". IR35 requires the individual to check whether he would be treated as an employee of his customer if his…

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