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.
Remember To Declare Covid-19 Grants On Your Tax Return
HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any COVID-19 grant payments on their 2020 to 2021 tax return. These grants are taxable, and you should declare them on your 2020 to 2021 tax return before the deadline on 31 January 2022.
New Year Tax Planning Ideas
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.
New Business Grants
The government is introducing a new grant scheme to support businesses that are experiencing difficulties because of the Omicron variant. Hospitality and leisure premises will benefit from targeted grant support. | Blackpool Poulton Accountant
Statutory Sick Pay Rebate scheme (SSPRS)
Employers will be able to claim the costs for up to two weeks of SSP per employee that has to take time off because of COVID-19. This two-week limit will be reset so an employer will be able to claim up to two weeks per employee regardless of whether they have claimed under the previous scheme for that employee.
Christmas Is The Time For Giving…(and Tax Planning)
One tax planning opportunity that many thought the chancellor might restrict was the exemption from inheritance tax for regular gifts out of an employee’s income.
Top Tips For Building Trust Among Your Team
To build a high performing business, managers need to cultivate trust among the whole team.
What The Metaverse Could Mean For Business
The concept of the Metaverse is quickly becoming a buzzword in technology and in business, but what does it actually mean?
Round-Up of the Budget
On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review. Many of the spending announcements had already been leaked to the Press prior to Budget Day and arguably a lot of it was not new money. The Chancellor did however manage to keep a few surprises back for Budget Day.
Budgeting for an Uncertain Year Ahead
As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain - uncertainty.
How Can You Raise Your Prices Without Losing Customers?
The current business environment is incredibly competitive but as we emerge from the pandemic, consumer demand is increasing and many sectors have seen labour and material costs rise. As demand increases and levels of supply fall, businesses have an opportunity to increase their prices.
The Growth Plan 2022
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
Becoming a More Eco Friendly Business
Buying habits are changing as people seek to minimise their impact on the natural environment. By incorporating eco-friendly ideas into your business, you can align your brand’s ethos with that of your customer base.
HMRC Support With Childcare Costs
If they haven’t already done so employees should set up a “Tax-Free” Childcare Account to help pay towards the cost of childminders, breakfast and after school clubs, nursery fees and approved play schemes.
Advisory Fuel Rate For Company Cars
As the result in recent increases in petrol and diesel prices HMRC have increased the advisory fuel rates that apply for the reimbursement of employees' private fuel for their company cars.
MTD For Income Tax Postponed To 2024/25
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024.
Capital Allowances On Plant In Residential Property
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. | Blackpool, Poulton based Chartered Accountants
1.25% Increase In NICs And Tax On Dividends To Fund Health And Social Care
The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care.
End of Temporary Insolvency Measures
Temporary insolvency restrictions protections are being lifted and new targeted measures to support small business and commercial tenants introduced. The Insolvency Service has announced that Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October.