Latest Blogs in Business Tax
Paul Jefferson
19th October 2021 VAT Registration

A business must compulsorily register for VAT if taxable 12 month turnover exceeds £85,000. They can voluntarily register for VAT as soon as they start trading, providing they expect to make taxable supplies in the future.   Businesses that provide to other businesses may choose to register for VAT voluntarily before the registration threshold is…

Sharon Mace
13th October 2021 VAT DIY Scheme: HMRC update list of allowable expenses

There has been some controversy on claims made on DIY building schemes. HMRC have updated their guidance on goods and services that can be claimed under the VAT DIY Housebuilders’ Scheme.   The list is extensive and gives an ABC of items that are allowed, from Agas to woodworm treatment – but there’s a catch,…

James Selby
8th October 2021 Annual Investment Allowance (AIA) – Maximising tax relief

The chance to take advantage of the generous temporary uplift in the AIA annual limit of £1,000,000 is coming to an end when it is due to revert to £200,000 from 1 January 2022.   It is a perfect time to plan to capitalise on claiming 100% tax relief on qualifying purchases without getting caught…

Barbara Nicholas
6th October 2021 27th Oct: Budget day announced

HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October.   On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments’ resource and capital budgets from 2022/23…

Bethan Hassey
24th September 2021 SSP Rebate Scheme closes 30 September 2021!

Normal Statutory Sick Pay (SSP) can be paid to your employees from the fourth day they are absent from work if they meet the following criteria: They are classed as an employee and have done some work for you Earn an average of at least £120 per week Have been ill for at least 4…

Millie Hunt
15th September 2021 VAT: Changes to the leisure & hospitality rate

To encourage spending in the leisure & tourism sector, the VAT rate for certain supplies was cut from 20% to 5% in July 2020. From 1 October 2021, the VAT rate will rise again to 12.5% and this rate will be in place until 31 March 2022.   If your business operates in the leisure…

Nick Edgley
9th September 2021 The new Health and Social Care Levy – increases to NIC and dividend tax

The new levy will increase all NIC rates by 1.25% from April 2022, this will affect employees, employers, self employed and the NIC paid on P11D benefits (such as company cars and private health care). The increase will apply to employed (include deemed employees) and self-employed individuals and partners earning above the class 1 primary…

Megan Turner
16th August 2021 Does my group need to prepare consolidated accounts?

Under the Companies Act 2006 and the Financial Reporting Standard FRS 102, a group of companies must produce consolidated financial statements. This means that the financial statements for each of the members of the group are combined into one set, as if it was one entity.   If the group classifies as a small, then…

James Cater
28th July 2021 Potato store tribunal ruling

In 2019 the first tier tribunal ruled in a case concerning a grain store that the entire structure qualified as plant and consequently gave rise to a capital allowance claim, by reason of it being a silo. As a consequences of this decision there have been a number of claims for capital allowances both in…

Jodie Pheby
14th July 2021 Accounts Basis Period Reform – Consultation

Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period.  Tax is paid on profits earned in the basis period ending in the tax year in question.   However,…