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  • tax reform calculator

Tax reform for unincorporated businesses

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

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  • Making Tax Digital

Making Tax Digital Extension

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

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  • An open start-up shop door with an open sign

UK Start-Up Boom

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

  • A winding road down a mountain

Changes to the Coronavirus Job Retention Scheme

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

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  • foreign direct investment

UK Foreign Direct Investment

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

  • employees working abroad

Employees Working Abroad

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,

  • extended loss carry back

Extended Loss Carry Back

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

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  • National Insurance contributions relief for veterans

National Insurance contributions relief

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

  • Deferred VAT deadline

Deferred VAT

Deferred VAT Deadline Looms Businesses that deferred their VAT payments last year have less than a month left to join an online payment scheme.  Payments deferred from the early stages of the pandemic which remain outstanding need to be paid by the end of June in order to avoid penalties.  To benefit from further deferral,

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  • global business tax

Global Business Tax

Biden’s global business tax plan President Joe Biden’s plan for a 21 per cent minimum global business tax rate has been met with resistance from the UK chancellor Rishi Sunak.  Though there is considerable opposition pressure on the chancellor to endorse the US plan, Sunak said he would consider a global minimum levy only as

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