(4 Minute Read) Changes to Off-Payroll working and IR35. What is it? Off-Payroll working is when a worker is not on the PAYE payroll. This worker could be providing their services through a Personal Service Company (PSC), which aims to sell their services to an end client. IR35 refers to the sets of legislation that… Read more »
(3 Minute Read) Final changes to Mortgage Relief for landlords. Is it time to transfer to a limited company? What is it? Relief on mortgage interest for landlords is being scrapped. The changes mean that all finance costs, not just mortgage costs, will no longer be an allowable expense. Instead you will have to make… Read more »
(6 Minute Read) The rules for VAT in the construction industry. What is it? The VAT Domestic Reverse Charge is the new way VAT is handled in the construction industry. This new system has been designed to reduce fraud in the construction industry. It works by stopping VAT being collected as work is done along… Read more »
(8 Minute Read) What the budget means for you in a nutshell Personal Tax. Increase in personal allowance in 2021/22 up to £12,570, then frozen at that level until at least 2026. Higher Rate threshold increased to £50,270, and frozen at this level. There are no changes in the ISA subscription limit, meaning you will… Read more »
(9 Minute Read) Key tax information to help you get planning before 5th April 2021. Income Tax. Personal Savings Allowance (PSA) means that the first £1,000 of interest on savings is tax free for standard rate payers. For higher rate tax payers the allowance is £500, and for additional rate payers there is no allowance. The… Read more »
(4 Minute Read) Key information on pension contributions! What is it? If you are a UK taxpayer you can get tax relief on pension contributions of up to 100% of you earnings, or £40,000 whichever is lower. This means that some money that would otherwise go the tax man will instead go to your pension… Read more »
(4 Minute Read) Save money on your Bounce Back Loan! What is it? The Chancellor has announced new ways for your Bounce Back Loan (BBL) repayments to become more flexible. These are the “Pay as You Grow” options, and will help to protect businesses though the COVID-19 pandemic, and the vaccine roll out. The BBL… Read more »
(3 Minute Read) The holiday that could save you money! What is it? In July 2020 the Chancellor, our mate Rishi Sunak, announced an SDLT holiday. This is good news for people buying property, but also for spouses transferring property between themselves. Normally, if spouses want to transfer property between themselves then this is not… Read more »
(4 Minute Read) What help you can claim?… What help is out there? Since the most recent lockdown started on the 5th January 2021, the Government has brought out several schemes to help businesses. The three main grants are: Local Restrictions Support Grant (LRSG) Additional Restrictions Grant (ARG) Closed Business Lockdown Payment top-up grants Find… Read more »
(2 Minute Read) Tax relief on unwanted Christmas gifts! What is it? If you’ve got some unwanted presents you could claim tax relief for them. To do this you can’t just give the unwanted socks to charity. This is because the legislation for the Gift Aid scheme says it is “Relief for some gifts of… Read more »
