Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Associated Companies Count For New Corporation Tax Rates
A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023. The 19% rate will continue to apply where profits are below £50,000. The marginal rate that applies between those limits will be 26.5%.
Making Tax Digital Extended To VAT Registered Businesses Under the Threshold
MTD for VAT is now being rolled out to all VAT registered businesses from April 2022 which may cause some traders who are VAT registered but below the threshold to consider deregistering to avoid having to comply with MTD for VAT.
Roundup Covid-19 Government Support News
A roundup of changes to government support information generally and for businesses, employers and the self-employed.
The EU Parliament Has Ratified The Post-Brexit EU-UK Trade Deal
The politics continues as there were some pre-vote comments made by French Europe Minister, Clément Beaune, who accused the UK of blocking fishing rights. He said the EU could respond with "reprisals" in financial services.
Details Of Latest CJRS “furlough” Grants
The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay.
No Employers NICS For A Year If You Hire Ex-military Staff
The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers.
Details Of Fourth Self-employed Income Support Grant
The latest grant allows the self-employed to claim 80% of their average profits for the period up to 2019/20, and is again limited to £2,500 a month.
Consultations Issued On “Tax Day” By Treasury
We were expecting the consultation documents to include major changes to CGT and IHT, but it would appear that these have yet again been delayed.
New Enhanced Loss Relief Rules May Result In Extra Tax Refunds
For corporation tax purposes the loss-making accounting period must end between 1 April 2020 and 31 March 2022 to qualify for the three year carry back.
More Details On The New Super-deduction For Equipment
It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the tail when the equipment is sold…
New Personal Service Company Rules Start This Month
Under this new regime end user businesses will be required to determine whether that individual would have been treated as an employee or not if directly engaged.
Budget 2021
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3rd March 2021.
COVID-19 Government Support News
Welcome to our round up of the latest business and Covid-19 news for our clients. Please contact us if you want to talk about how these updates affect your business.
Pre 6 April Tax Planning
With 6 weeks to go until the end of the Tax Year, it is time to make the most of your tax allowances this year.