by Karen | May 5, 2021 | Accounting, HMRC, National Insurance
The Employment Allowance is a National Insurance allowance that enables eligible employers to reduce their employers’ (secondary) Class 1 National Insurance bill by up to £4,000. However, not all employers can benefit – there are some important exclusions. Eligible...
by Karen | Apr 28, 2021 | Accounting, Business Costs, HMRC
To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window. As an alternative to the annual investment allowance (AIA), companies will be able to benefit from either a super-deduction or a new...
by Karen | Apr 22, 2021 | Accounting, Covid-19, HMRC, Tax
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. To help loss-making businesses,...
by Karen | Apr 19, 2021 | Accounting, Covid-19, Grants, HMRC, Self employment
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. An extension to the scheme was announced at the time of the 2021 Budget. As a result, it...
by Karen | Apr 15, 2021 | Accounting, HMRC, Tax
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...
by Karen | Apr 12, 2021 | Accounting, HMRC, Tax
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. To meet some of this cost, the Chancellor, Rishi Sunak, announced in the 2021 Budget that various...
