Resources

  • Take advantage of the enhanced carry back of losses.

    Take advantage of the enhanced carry back of losses

    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.

  • Tax allowances frozen until April 2026.

    Tax allowances frozen until April 2026

    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.     

  • Further grants for the self-employed.

    Further grants for the self-employed

    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. 

  • Super-deduction for capital expenditure.

    Super-deduction for capital expenditure

    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. The optimal salary will depend on whether the employment allowance is available to shelter any employer’s National Insurance liability that may arise.

    Personal and family companies – Optimal salary for 2021/22

    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.     

  • Gift aid – Beware if your income falls.

    Gift aid – Beware if your income falls

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

  • Claim expenses for additional costs of working from home.

    Claim expenses for additional costs of working from home

    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. 

  • National Insurance contributions for 2021/22.

    National Insurance contributions for 2021/22

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

  • Self-Employment Income Support Scheme – future grants confirmed

    Self-Employment Income Support Scheme – future grants confirmed

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

  • Budget 2021.

    Budget 2021

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

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