Working from home: claiming tax relief from April 2022 HMRC have released the following notes regarding the above. Government instructions to work from home where possible, including the legal requirement to self-isolate if you or a close contact tested positive for coronavirus, meant that in tax years 2020 to 2021 and 2021 to 2022 millions…
Read more → Working from home: claiming tax relief from April 2022HMRC are recognising that Covid-19 is affecting the capacity for taxpayers and their agents to meet their obligations and are showing some flexibility to help. The 2020/21 balancing payment of tax and first payment on account would ordinarily have been payable by 31st January this year, however, HMRC have confirmed that no late payment penalty…
Read more → Support for individuals who cannot pay their tax on timeIncrease in Tax on Dividends The Government has announced a 1.25% increase in dividend tax rates from 1st April 2022. The rates will increase to 8.75% for basic rate taxpayers, 33.75% for higher rate taxpayers and 39.35% for additional rate taxpayers. The £2,000 tax-free dividend allowance will remain. The increase in dividend tax rates will…
Read more → Increase in Tax on DividendsSuper-Deduction Capital Allowances From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim: a 130% super-deduction capital allowance on qualifying plant and machinery investments a 50% first-year allowance for qualifying special rate assets The super-deduction will allow companies to cut their tax bill…
Read more → Super-Deduction Capital AllowancesNational insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022 In a move that breaks the Conservative’s manifesto pledge on raising taxes, the Prime Minister has confirmed that rates of national insurance are to be increased to pay for the impact of the Coronavirus pandemic on…
Read more → National Insurance IncreaseHMRC have released the following notes, providing details of the upcoming help and support to be made available to businesses and individuals. We will endeavour to provide further details, as and when they become available. As always, do feel free to contact us if you have any queries or require further clarification. Job Support Scheme…
Read more → Government Help & Support – UpdateCroner Taxwise have released some notes regarding the Government’s ‘Kickstart Scheme’, which has been introduced with the aim of creating new jobs for 16-24 year olds currently on Universal Credit. Please click here for further details.
Read more → Kickstart SchemeOverclaimed Furlough Grants and Fraud Penalties Croner TaxWise have released the following notes regarding overclaimed furlough grants: The Government has explained that the following actions constitute an overclaimed furlough grant, and thus could lead to furlough fraud: any amount the employer was not entitled to receive; or any amount the employer is no longer entitled…
Read more → Overclaimed Furlough Grants and Fraud PenaltiesSelf-Employment Income Support Scheme – Second Grant HMRC’s second Self-Employment Income Support Scheme grant is opening for eligible people to claim. This week HMRC are writing to self-employed people who may be eligible. The scheme will open for claims on 17 August and customers have been given a date to make a claim. They can…
Read more → Self-Employment Income Support Scheme – Second GrantHelp and Support for Businesses and Individuals – Update The Chancellor has recently announced the introduction of some new measures to support business and individuals, together with some changes to the existing schemes in place. Coronavirus Job Retention Scheme (CJRS) From 1 July, you can claim a more flexible grant for any employee you…
Read more → Help and Support for Businesses and Individuals – Update
