Website development costs
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One of the main areas to consider in deciding how to treat a deductible expense is whether the cost is revenue or capital in nature. There is no...
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Lockdown changes 12 April 2021
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Even the unseasonably cold weather does not seem to have stopped people in England getting their first taste of normality for many months as many...
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Repaying overclaimed SEISS grants
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Self-employed individuals (including partnerships) who have overclaimed the Self Employed Income Support Scheme (SEISS) must pay back the...
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Property repossessions from 1 April 2021
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There have been a significant number of measures introduced to help those experiencing financial difficulties because of coronavirus. Throughout...
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One-off £500 payment for working households receiving tax-credits
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As part of the March 2021 Budget, the Chancellor announced that the temporary £20 weekly uplift in Universal Credits would continue for a further...
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HMRC’s new penalty regime
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HMRC’s new points-based penalty regime for late submission and payment will start from 1 April 2022. The changes will apply in the first instance...
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Annual party benefits
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The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria...
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Claims to reduce payments on account
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Self-Assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due...
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Exempt beneficial loans
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An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the...
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Companies can claim super-deduction from 1 April
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The new super-deduction tax break, that will allow companies to deduct 130% of the cost of any qualifying investment from their taxable profits...
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National Minimum and Living Wage increases 1 April 2021
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The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2021. The new rate for the NLW is £8.91 which...
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Archiving international trade documents
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There are important rules that all businesses must follow to keep business and accounting records accessible if requested by HMRC. The exact...
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