Author Archives: Anna Cummings

Comments Off on Budget confirms one-year delay for basis period reform

Budget confirms one-year delay for basis period reform

Budget confirms one-year delay for basis period reform

Reforms to the ways in which unincorporated businesses pay income tax – known as basis periods – will go ahead, one year later than planned.  Proposals and draft legislation were published in July 2021, suggesting the new rules would commence from 6 April 2023. Instead, sole traders and most business partnerships will be subject to … Continued

Comments Off on Tax reporting deadline for additional property sales extends

Tax reporting deadline for additional property sales extends

Tax reporting deadline for additional property sales extends

Buy-to-let landlords and second homeowners have twice the amount of time to report and pay capital gains tax after selling a residential property in the UK. The deadline to report and pay capital gains tax after completing the sale of additional UK residential property is now 60 days – up from 30 days. The change … Continued

Comments Off on Six-month extension for COVID-19 recovery loan scheme

Six-month extension for COVID-19 recovery loan scheme

Six-month extension for COVID-19 recovery loan scheme

Chancellor Rishi Sunak has extended a coronavirus loan guarantee scheme in a bid to protect UK businesses into next year. Sunak used his Autumn Budget speech to announce a six-month extension of the recovery loan scheme, which had been due to end on 31 December 2021 but is now due to close on 30 June … Continued

Comments Off on Cladding tax to affect large property developers in 2022/23

Cladding tax to affect large property developers in 2022/23

Cladding tax to affect large property developers in 2022/23

A new levy on large residential property developers’ profits intends to raise around £2 billion over the next 10 years, starting from next spring.  The ‘cladding tax’ will be a 4% tax on developers with company profits of £25 million or more from residential development, although student and build-to-rent developments are exempt. It expects to … Continued

Comments Off on Extension for temporary £1m annual investment allowance

Extension for temporary £1m annual investment allowance

Extension for temporary £1m annual investment allowance

The temporary increase to the annual investment allowance has been extended by 15 months, just eight weeks before it was due to expire.  The allowance offers 100% tax relief on qualifying plant and machinery up to a specified annual limit. In 2019, the allowance was increased from £200,000 to £1 million – a rise that … Continued

Comments Off on Business rates burden eases for retailers and hospitality firms

Business rates burden eases for retailers and hospitality firms

Business rates burden eases for retailers and hospitality firms

Thousands of retail, hospitality and leisure firms in England will receive a short-term business rates reprieve in 2022/23, following Autumn Budget 2021. Chancellor Rishi Sunak announced a temporary 50% cut in their business rates, up to a maximum of £110,000 per business. Up to 400,000 businesses in these sectors – including pubs, music venues, cinemas, … Continued

Comments Off on Hospitality and tourism VAT rate increases to 12.5%

Hospitality and tourism VAT rate increases to 12.5%

Hospitality and tourism VAT rate increases to 12.5%

VAT for pubs, restaurants, holiday accommodation and entry to certain attractions increased from 5% to 12.5% last month, following the end of a tax break. A temporary cut first introduced on 8 July 2020 saw the standard rate of VAT for struggling businesses in the hospitality and tourism sectors fall from 20% to 5%. That … Continued

Comments Off on Salary sacrifice could ‘dampen increased NICs costs’

Salary sacrifice could ‘dampen increased NICs costs’

Salary sacrifice could ‘dampen increased NICs costs’

Salary-sacrifice arrangements could help employees negate the National Insurance contributions (NICs) rise during 2022/23.  NICs will rise by 1.25% for employees, employers and the self-employed from April 2022 to fund the Government’s        new health and social care levy. In some scenarios, employees and employers can get around this by striking a salary … Continued

Comments Off on New Office!

New Office!

New Office!

We are pleased to let you know that we are in the process of moving to our new office which has been designed to allow us to benefit from the innovations we have introduced since March 2020, not least paperless working and hybrid working. The new office has plenty of scope to expand in the coming … Continued

Comments Off on National Insurance and dividends tax rates to rise 1.25% in 2022/23

National Insurance and dividends tax rates to rise 1.25% in 2022/23

National Insurance and dividends tax rates to rise 1.25% in 2022/23

National Insurance contributions (NICs) and the three dividend tax rates will all increase 1.25% from April 2022 to pay for the social care system in England.  This social care package will be funded through a new UK-wide health and social care levy, which is expected to raise around £12 billion a year. The levy will … Continued