The UK Government has announced on 7 September that, from April 2022 the UK will introduce a 1.25% Health and Social Levy, based on national insurance contributions (NIC) ringfenced to fund the investment in health and social care. The levy will apply to the same population and income as class 1
Super-deduction and special rate first year allowance
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
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 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
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
Benefits of using a company
Limited Liability Protection A company and its owners are separate legal entities in the eyes of the law. In legal terms, this is often known as the 'veil of incorporation.' In practice, this means that a company's owners and directors are not responsible for the company's debts and cannot be
Making Tax Digital
What is Making Tax Digital (MTD)? Making Tax Digital is an initiative by the UK Government which seeks to improve the UK tax system. By digitising the process the HMRC believe this will make the tax system efficient and easier. Who is affected by MTD? The first phase begins on 1 April 2019