Frozen tax thresholds pull more Britons into higher rates As the global recession rumbles on, the UK Government has effectively utilised stealth to increase the group subject to its highest rate of Income Tax, being 45%. The retention of the frozen tax thresholds has led to a 50% increase in those caught at the higher Read More
High Potential Individual visa scheme to import new talent to the UK May 2022 saw the introduction of the High Potential Individual visa to the UK. This new route into the UK is a small part of a broader set of global mobility schemes, designed to attract overseas talent. The visa will allow individuals to Read More
Tax Reform for all Unincorporated Businesses An HMRC tax reform that will change the basis period for all unincorporated businesses to 5th April is delayed but still due. The changes will mean that businesses will be taxed on the profit or loss for the year ended 5th April regardless of the accounting period. The basis period Read More
Making Tax Digital extended to all VAT-registered businesses HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022. Changes will apply to the approximately 1.1m VAT-registered businesses with taxable turnover below the current VAT threshold. The move comes as part of the Government’s Read More
Increase in Registered Companies Indicates a UK Wide Start-Up Boom The largest start-up boom in the UK for the past decade has been one of the unexpected results of the coronavirus pandemic. New businesses have been created in response to necessity, the changes to work and lifestyle, and the opportunity many have had to reassess Read More
Winding Down: Changes to the Coronavirus Job Retention Scheme The Coronavirus Job Retention Scheme has been extended until 30 September 2021 while simultaneously being wound down. The level of grant available to employers under the scheme stayed the same until 30 June 2021 but has now started to reduce. Furlough The Job Retention Read More
UK 2nd in the world for foreign direct investment according to UN report Global flows of foreign direct investment have been severely hit by the COVID-19 pandemic but the UK is amongst those nations leading the way back. In 2020 foreign direct investment (FDI) fell by one third to $1 trillion, well below the low Read More
National Insurance Contributions for Employees Working Abroad UK businesses whose employees are working abroad may now apply to HMRC to find out if they need to continue paying National Insurance Contributions. The service was updated in January 2021 and applies if you’re sending one or more employees to work temporarily in Iceland, Liechtenstein, Norway, Switzerland, Read More
Extended Loss Carry Back – help for businesses In an effort to provide further aid for businesses struggling with the coronavirus pandemic, the government has extended the period in which trading losses can be carried back for tax relief purposes. The Extended Loss Carry Back measure announced at Budget 2021 allows businesses to make claims Read More
National Insurance contributions relief for employers who hire veterans From April 2022 onwards, employers will be able to apply for National Insurance contributions relief if they hire veterans. The relief will be available in real time through PAYE for 12 consecutive months from the veteran’s first day of civilian employment. This zero-rate can be applied Read More
