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the-red-diesel-reform

The Red Diesel Reform   The government is making changes to the way Red Diesel is taxed from 1st April 2022. These new restrictions will result in no tax relief for several industries meaning they can no longer use it.     What is red diesel? This is diesel that has been dyed red to....

uk-capital-gains-tax-on-property

Last year, the government introduced a new reporting requirement for UK residents disposing of residential property on or after 6 April 2020. Where a capital gains tax (CGT) charge arises, taxpayers now need to submit a return (UK property CGT return) to report the disposal of UK residential property and make a payment on account....

what-is-mtd-and-why-has-it-been-delayed

  Late last month it was announced that MTD for income tax self-assessment (MTD ITSA) would be postponed (again) to April 2024. The most concerning part is that more people are likely to be aware for the delay than know about MTD itself. Hence why we have decided to highlight this in today’s blog.  ....

booking-early-could-save-you-vat

In July of last year, an emergency budget was announced which saw Rishi Sunak introduce a temporary 5% rate of VAT which applied to most supplies made by the hospitality sector. This included cafes, restaurants, pubs, hotels, tourist attractions and more.   This 5% rate has been applicable ever since but will increase to 12.5%....

The government has announced a new zero rate of secondary Class 1 National Insurance contributions (NICs) for eligible employers on the earnings of eligible employees working in a Freeport tax site.   What is a Freeport tax site? Freeports are usually located around shipping ports, or airports. Goods that arrive into freeports from abroad are....

Today, 6th April, marks a new tax year and with that comes new thresholds for National Insurance purposes. We have detailed the different rates which apply depending on an individual’s situation during the 2021/22 tax year.     Employed Employees pay Primary Class 1 National Insurance on their earnings. On those same earnings, Employers contribute....

As midnight hit on 31st January, most accountants rejoiced knowing their returns were all submitted on time. We were no different, immediately turning our attention to the big changes to come throughout 2021. We thought now would be the perfect time to update you on the major changes in legislation that you may need to....

  2 years ago, the annual investment allowance increased from £200.000 to £1,000,000 for a limited time.   That was due to end on 31st December 2020 but it has recently been announced that the £1 million pound cap has been extended until 1st January 2022 in a bid stimulate investment in UK manufacturing.  ....

Coronavirus: Job Retention Scheme Extension…   On 31st October the Prime Minister announced that the Job Retention Scheme (JRS) would be extended for a further month.   We are awaiting finalised information but currently available information is summarised below:     The Job Support Scheme has been postponed and will be reviewed once the extended....

Coronavirus: Winter Economic Plan…   Boris Johnson announced new coronavirus restrictions on Tuesday which could last six months. Following this announcement Chancellor Rishi Sunak delivered a statement on Thursday setting out plans to help workers and businesses hit by these new coronavirus restrictions.   If you have any concerns, general queries, or specific questions on....