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Spring Budget 2021 – Income Tax Rates & Allowances

04-03-21

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: £12,500) and the basic rate limit to £37,700 (2020-21: £37,500). As a result, the higher rate threshold will increase to… Read more..

Spring Budget 2021 – Corporation Tax

04-03-21

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next 2 years. The main rate had been expected to increase to help pay the massive costs of the coronavirus pandemic to the public purse.… Read more..

Spring Budget 2021 – CJRS and SEISS schemes extended

04-03-21

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021. The Chancellor confirmed that employees will receive up to 80% of their salary for hours not worked subject to a monthly… Read more..

Spring Budget 2021 - Government backed loan schemes

04-03-21

The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021. The Chancellor did not announce any further extension… Read more..

Spring Budget 2021 - Capital allowances

04-03-21

Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary tax relief applies on qualifying capital asset… Read more..

Spring Budget 2021 - VAT

04-03-21

It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for VAT will be frozen at £85,000 until 31 March 2024. The taxable turnover threshold that determines whether… Read more..

Budget Summary - March 2021

03-03-21

More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following Budget summary is split into four sections: COVID-19 related support measures… Read more..

Capital or debt?

02-03-21

What is the difference between capital and debt, and why is the distinction important? One important distinction is that capital represents the amount of funds introduced by shareholders, partners or sole traders plus any retained profits that the… Read more..

What is pensions credit?

02-03-21

Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you… Read more..

Claiming Self-Employed Income Support Scheme grants

25-02-21

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November and December 2020, and January 2021. This meant that a maximum grant for the three months of £7,500 was made… Read more..

Inheritance Tax - tax-free gifts

25-02-21

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2020-21 tax year that ends on 5 April 2021. You can give away up to £3,000 worth of gifts each tax year. This is known as your… Read more..

Capital Gains Tax exemptions

25-02-21

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2020-21 is £12,300. A husband and wife each have a separate exemption.… Read more..