Resources

  • Freezing of allowances and thresholds.

    Freezing of allowances and thresholds

    To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remain at their 2021/22 levels until 6 April 2026. 

  • Reporting expenses and benefits for 2020/21.

    Reporting expenses and benefits for 2020/21

    Employers who provided taxable expenses and benefits to employees during the 2020/21 tax year will need to report these to HMRC, on form P11D by 6 July 2021.

  • Dissolving a partnership .

    Dissolving a partnership

    A partnership can be either an ordinary partnership or a limited liability partnership (LLP).

  • CIS compliance for property developers.

    CIS compliance for property developers

    The Construction Industry Scheme (CIS) is a scheme whereby contractors of building firms are required to deduct tax at source from payments made to sub-contractors working for them    

  • Running a car on the company - Benefit in kind, car allowance, company fuel cards.

    Running a car on the company - Benefit in kind, car allowance, company fuel cards

    Despite successive Governments changing the rules to increase the tax take, the provision of company cars remains one of the more popular benefits an employer can give to an employee. 

  • 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.     

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