Key Points Introduction of an enhanced superdeduction equal to 130% for expenditure on certain items of plant or machinery.on qualifying expenditure on plant or machinery from 1 April 2021 to 31 March 2023.if a company spends £1,000 on qualifying items of plant and machinery within the dedicated
Tax inspections and how to avoid them
‘Anybody running a business needs to be concerned about the possibility of facing a tax inspection,’ says Nicholas Parkes, an ex-tax inspector turned tax information provider. ‘In the Revenue, we always believed you could pick up any file and find something.’ What triggers a tax
Job Support Scheme – Key Points
Claiming VAT on Mileage
If you are an employee or a director and use your own car for business travel, your company can reimburse you in the following way (tax-free payments); 45 Pence per mile for the first 10,000 miles, every tax year. 25 Pence per mile for any miles in excess of 10,000. The above cover the cost of
How to set up a PAYE Scheme for your company
You must register as an employer with the HM Revenue & Customs (HMRC) if you are running a company or a business that employs staff to carry out work on your behalf for exchange of salary or benefits. ‘Pay As You Earn’, or PAYE, is the system by which HMRC collects income tax and National
Covid-19 and the Impact on Small Business
At peak of the Covid-19 lockdown, small business revenues fell by 27% in the United Kingdom. Four key themes have emerged so far: The trading and border restrictions, needed to tackle the health crisis, had a significant impact on small business.Once restrictions were eased small business
COVID-19 Self-Employment Income Support Scheme (SEISS)
Background The Chancellor announced the following new measures on 26 March 2020. Support for the self-employed during the coronavirus crisis: A taxable grant of the lower of: £7,500 and80% of your average monthly profits over the three years 2016/17, 2017/18 and 2018/19.Initially capped for
Covid-19 – Bounce Back Loans
Small businesses (limited companies, sole traders and partnerships) are eligible for the government-backed bounce back loans of between £2,000 and £50,000 to help them through the Covid-19 outbreak. Small business owners can apply to accredited lenders by filling out a simple online form which has
A guide to Budget 2020
This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It’s an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where necessary. The message from the
How to get the most out of Xero right from the start
When you start using Xero, you’ll wonder how you ever managed without it. We’re big fans here at Taxlab and know how happy clients are when they can see their cash flow situation whenever they want, send online invoices, pay bills and run their businesses more effectively. While we set up the basics