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Ten Year End Tax Tips

by Jessica Garbett | Mar 9, 2021 | business taxation

The end of the tax year is creeping up on us, although for many people finishing, or at least paying for, the previous tax year is still a current memory. This time of year there are often articles in the newspapers about saving tax, but often it seems these...

Employers of ex-military get national insurance holiday

by Jessica Garbett | Mar 8, 2021 | ACCA, budget, business issues

Relief applies to recruitment of former members of the UK regular armed forces The Chancellor announced the introduction of a national insurance contributions (NIC) holiday for employers that hire former members of the UK regular armed forces. The relief is available...

Plastic packaging tax will be introduced this year

by Jessica Garbett | Mar 8, 2021 | ACCA, budget, business issues, business taxation

New regulations could lead to 200,000 tonnes of carbon savings in 2022-23 and increase use of recycled materials by 40% Legislation will be introduced in Finance Bill 2021 to establish a plastic packaging tax. This new tax will apply to plastic packaging manufactured...

Employment Allowance set to continue

by Jessica Garbett | Mar 5, 2021 | ACCA, business taxation

Businesses will not to have to pay employer’s NIC on the first £4,000, so take care when you claim! Organisations will continue to not have to pay employer national insurance contributions (NIC) on the first £4,000 of their annual bill. It had already been announced...

Research & Development tax relief – Budget Changes

by Jessica Garbett | Mar 5, 2021 | ACCA, budget

Anti-abuse measures for SMEs R&D tax relief and R&D reform with more on the horizon. From 1 April 2021 SMEs applying for R&D tax credits will be eligible for a maximum £20,000 in repayments per year plus three times the company’s total PAYE and NICs...

Freeze coming on pension lifetime allowance

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, pensions

Plan ahead – there is a freeze coming from 2021 to 2026. Legislation will be introduced in Finance Bill 2021 to remove the annual lifetime allowance link to the Consumer Price Index increase for the next five fiscal years. This change will maintain the standard...

Maintaining annual exempt amount for capital gains tax

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, capital taxation

A freeze on the annual exemption amount to 2026! Legislation will be introduced in the Finance Bill 2021 to maintain the annual exempt amount at its current level of £12,300 for individuals and personal representatives and £6,150 for most trustees of settlements for...

SME Brexit Support Fund helps prepare businesses

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business issues

Grant offers £2,000 towards professional advice and training on import and export rules including VAT Where businesses need a little help with export rules, they may want to look at the SME Brexit Support Fund. The grant provides up to £2,000 to help with training or...

Easement continues for employer-provided bike tax exemption

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

Cycle to Work scheme’s qualifying journeys condition for employees will not be reintroduced until 2022 The tax exemption offered by the Cycle to Work scheme, for the employer provision of cycles and cyclist safety equipment, will continue to apply to employees who...

Home office income tax and NIC exemption extended

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation, personal taxatation

Employers will not be required to report reimbursed expenses when employees need to buy equipment In light of the continuing impact of the Covid-19 outbreak, the temporary income tax and national insurance contributions (NIC) exemption for home-office expenses has...

ACCA – Budget Income tax roundup

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation, personal taxatation

Here’s our guide to the changes for 2021, including a personal allowance freeze and Covid-related exemptions Income tax rates remain unchanged but personal allowance will be frozen for five years Personal allowance will rise to £12,570 from April 2021. It will...

Capital allowances and other new reliefs

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

AIA has already been extended to 31 December 2021. Enhanced super-deduction reliefs now available for certain investments. Annual Investment Allowance As previously announced last Autumn businesses, including manufacturing firms, can continue to claim up to £1m in...

Investor tax incentives

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

Extended tax incentives for social investment initiatives Of the four main venture capital schemes (EIS, SEIS, VCT, SITR) the 2021 Budget introduced a small change only to the Social Investment Tax Relief (SITR) which provides income and capital gains tax hold-over...

Pensions update – all you need to know

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, pensions

Updates to annual, lifetime and tapered annual allowances and more. Why make a pension contribution? When you save into a pension, the government usually gives you a top-up as a way of encouraging you to save for your future. If certain conditions are satisfied, tax...

Inheritance tax bands to freeze for five years

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, capital taxation

Thresholds on the nil-rate, and residence nil-rate and taper, will be fixed until 2026 Legislation will be introduced in Finance Bill 2021 to maintain the inheritance tax (IHT) nil-rate band (NRB), residence nil-rate band (RNRB) and RNRB taper threshold at their...

Ten Year End Tax Tips

Employers of ex-military get national insurance holiday

Plastic packaging tax will be introduced this year

Employment Allowance set to continue

Research & Development tax relief – Budget Changes

Freeze coming on pension lifetime allowance

Maintaining annual exempt amount for capital gains tax

SME Brexit Support Fund helps prepare businesses

Easement continues for employer-provided bike tax exemption

Home office income tax and NIC exemption extended

ACCA – Budget Income tax roundup

Capital allowances and other new reliefs

Investor tax incentives

Pensions update – all you need to know

Inheritance tax bands to freeze for five years

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