Resources

Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the loss.

The financial impact of the Covid-19 pandemic is unprecedented and borrowing levels in 2020/21 of 16.9% of GDP represent the highest level of peacetime borrowing.     

The Self-Employment Income Support Scheme (SEISS) has provided grant support for self-employed individuals whose business has been adversely affected by the Covid-19 pandemic. 

To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window. 

A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends.     

Where a Gift Aid declaration is made, the recipient charity or community amateur sports club can claim back basic rate tax on the donation.    

As the 2020/21 tax year draws to a close, many employees will have spent much if not all of the last year working from home. 

The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes.

The UK Government has today announced that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant.

A summary of the announcements made by the Chancellor of the Exchequer Rishi Sunak in the 2021 Budget on Wednesday 3rd March 2021.