Posts Tagged: business owner

Budget 2021: Capital Allowances and the new super-deduction

(4 Minute Read) What is super deduction tax? The Chancellor announced a new capital allowance, known as the Super-Deduction. This offers tax relief at 130% of the cost of new plant and machinery. This is available from the 1st April 2021 to the 31st March 2023. How does the super-deduction work? The Super-Deduction applies to… Read more »

SEISS Grant 5: When can I apply and how much will I get?

(4 Minute Read) What is a SEISS Grant? The government’s Self-employment Income Support Scheme (SEISS) can be described as the self-employed version of the Coronavirus Job Retention Scheme (CJRS) for employed people. While you’ll still owe Income Tax and National Insurance on any money you get through the SEISS, it’s a grant rather than a loan. That means you… Read more »

Tax on Cryptocurrency UK

(7 Minute Read) What is a tax on cryptocurrency? In the UK, HMRC treats tax on cryptocurrency like stocks, and so any realised gains are subject to Capital Gains Tax. You can cash in, or give away, £12,300 worth of gains a year tax-free, but then pay 10% tax for basic ratepayers or 20% for… Read more »

VAT Implications to the Supply of Services after Brexit.

(2 Minute Read) How has Brexit affected the supply of services? Since Brexit the transition period, the VAT rules for the supply of services have changed. Whilst not as complicated as the rules on the supply of good, they still represent a significant change from the past. The rules applied are dependant on deciding where… Read more »

How do I Apply for the Cycle to Work Scheme?

(4 Minute Read) How to get a bike tax free! What is the Cycle to Work Scheme? The Cycle to Work scheme was introduced in 1999 to improve health and reduce pollution. Under the scheme, your employer buys the bike, and then loans it to you whilst you make payments directly from your salary. These… Read more »

Post-Brexit Import Tax is Changing

(4 Minute Read) Post-Brexit VAT changes to importing goods. What’s changing about Import VAT? As a result of Brexit, new import tax rules need to be followed on goods imported from the EU. VAT must be applied on all imports from the EU of £135 or more, and it is applied at the time the… Read more »

What is Inheritance Tax?

(6 Minute Read) Protect your family from a huge tax bill What is Inheritance Tax? Inheritance Tax (IHT) is a tax charged on your estate when you pass on, but it can also be charged on transfers made during your lifetime. Failing to plan ahead could result in a large tax bill, making HMRC your… Read more »

New tax rate of 54.5%!

(2 Minute Read) Why you could be left with a 54.5% tax bill? What is it? In the Chancellor’s 2021 budget, Rishi Sunak announced a series of planned tax rises. The increase in corporation tax has resulted in an increased marginal rate for profits over £50,000. Depending on how your income is configured, you may… Read more »

Recovery Loan Scheme

(2 Minute Read) Borrow up to £10 million to recover from COVID-19. What is it? The Recovery Loan Scheme has been set up to help businesses of any size arrange overdrafts or loans of between £25,000 and £10 million. No personal guarantees will be taken on loans up to £250,000 and a borrower’s principal private… Read more »

New Restart Grant Scheme

(2 Minute Read) Up to £18,000 for your business to re-open! What is it? The Restart Grant Scheme has been designed to help businesses re-open safely through COVID-19, and opened on the 1st April 2021. Eligible businesses in the non-essential retail sector could be entitled to £6,000. Businesses in the hospitality, leisure, gym, and personal… Read more »