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Thinking of starting a business but not sure when you’d be classed as trading?

Are you trading?

Trading income is taxed for both income tax and corporation tax purposes. In order for a tax charge to arise under the trading income rules, there must be a trade. It is, therefore, necessary to understand what constitutes trading, and when a trade commenced or ceased. Indicators of trade To determine whether a trade exists, … Read more

Can you claim the Employment Allowance for 2021/22?

Employment allowance

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 employers To qualify, the employer’s Class 1 National Insurance liabilities for 2020/21 must be less than … Read more

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. As an alternative to the annual investment allowance (AIA), companies will be able to benefit from either a super-deduction or a new first-year allowance, depending on whether the expenditure is on assets that would qualify for main … Read more