Spring 2022 Budget – Key Points National Insurance for Employees From 6 July 2022 the national insurance contributions (NIC) class 1 primary threshold (PT) for employees will be aligned with the income tax personal allowance. The PT will be £242 per week from 6 July (currently £184 per week in 2020/21, rising to £190 per…
Fourth Self-Employment Income Support Scheme Grant Eligibility for the fourth grant has now been updated to include the figures reported on the 2019/20 Tax Return. Money Saving Expert have provided some useful information on this, which can be found here.
Taxation of the Self-Employment Income Support Scheme Grant (SEISS) All SEISS amounts received will be subject to income tax and National Insurance contributions and will need to be included on your Tax Return. Croner Taxwise have released some notes providing further detail on this, which we should suggest that you have a read through: https://www.cronertaxwise.com/community/my-vip-tax-team-question-of-the-week-taxation-of-seiss-grants/…
March 2021 Budget Notes The following notes are not intended to be a comprehensive narrative on all of the Budget announcements but rather a summary of the items that we believe may be of value to clients. Please do let us know if you require any clarification or if there are any items that you…
Deferral of VAT Payment If you took advantage of the option to defer any VAT payments due between 20th March 2020 and 30th June 2020 then you will soon need to consider how you are going to settle the liability. If you wish to make payment in full then this will need to be done…
Extension to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEIS) The following notes have been provided by HMRC: Extension to the Coronavirus Job Retention Scheme Today the Chancellor has announced that CJRS will be extended until the end of March 2021 for all parts of the UK. For claim periods…