Accounts & tax

Super-deduction tax break – what is it and how does it work?
Accounts & tax, Budget 2021, Business, Financing, HMRC, super-deduction, tax no comments

Super-deduction tax break – what is it and how does it work?

Flying high: the super-deduction tax break will only last for two years until March 31 2023 What is the super-deduction tax? The super-deduction £25bn tax break, announced in last Wednesday’s Budget, is intended to spur investment by providing 25p off company tax bills for every pound of qualifying spending on plant and machinery. How the…

Rishi Sunak eyes hiking corporation tax even higher to 25%
Accounts & tax, Budget 2021, Business, Corporation Tax, News, Rishi Sunak no comments

Rishi Sunak eyes hiking corporation tax even higher to 25%

Chancellor Rishi Sunak faces pushback from Conservative and Labour MPs over tax increases Rishi Sunak is eyeing increasing corporation tax from 19% to 25% in the Budget next Wednesday, March 3. Previously, it was thought the Chancellor was only considering going as high as 24 per cent. The chancellor needs to raise money to help…

How to boss payroll year-end during Covid-19
Accounts & tax, Business, COVID-19, HMRC, Making Tax Digital, Open Banking, Payroll no comments

How to boss payroll year-end during Covid-19

With payroll year-end fast approaching, your business must find clarity in chaos in order to meet its reporting obligations. Here are the details you need. Despite everything, HMRC deadlines are the same as always and organisations are expected to record P11Ds, note benefits and expenses, observe the timing of your final payroll run and, of…

How to boss payroll year-end during Covid-19
Accounts & tax, Business, COVID-19, HMRC, Making Tax Digital, Open Banking, Payroll no comments

How to boss payroll year-end during Covid-19

With payroll year-end fast approaching, your business must find clarity in chaos in order to meet its reporting obligations. Here are the details you need. Despite everything, HMRC deadlines are the same as always and organisations are expected to record P11Ds, note benefits and expenses, observe the timing of your final payroll run and, of…

Self-employed should pay equal tax with employees, says top thinktank
Accounts & tax, Business, HMRC, Self Employed, Taxes no comments

Self-employed should pay equal tax with employees, says top thinktank

Taxing times: experts have pushed back at the call for self-employed to pay more tax post-pandemic The self-employed and small business owners should pay as much tax as the employed, influential think-tank the Institute for Fiscal Studies argues. The current tax system does not really work for anybody, says the IFS in its report published…

Treasury eyes hitting self-employed gig workers with VAT charge
Accounts & tax, Business, Outlook, The Gig Economy, Uber, VAT no comments

Treasury eyes hitting self-employed gig workers with VAT charge

Most Uber drivers do not charge VAT because they fall under the £85,000 income threshold Self-employed Uber drivers, those who make a living renting out rooms on Airbnb, and other gig economy workers could find themselves having to pay VAT. The Treasury is eyeing slapping VAT on self-employed gig workers and others in the sharing…