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Mini-Budget - key changes.

The mini-Budget key changes.

National Insurance

The 1.25% rise in NI rates that have applied since April 2022 will be axed from 6 November. The rates will then be:

Employees’ Class 1 (primary) - 12% and 2%
Employers’ Class 1 (secondary) - 13.8%

Tax rebate

Check tax rebate eligibility

Anyone living in a property in council tax bands A to D is eligible for a £150 tax rebate as part of a scheme to help with the cost of living crisis. Around 90% of eligible households have received this by direct debit, but what should you do if you haven’t?

Working from home allowance (£6 per week or £26 per month)

Working from home allowance (£6 per week or £26 per month)

Please note, If you previously claimed tax relief when you worked from home because of coronavirus (COVID-19), you might no longer be eligible.

Who can claim tax relief

You can claim tax relief if you have to work from home, for example because:

  • your job requires you to live far away from your office
  • your employer does not have an office

Who cannot claim tax relief

Making Tax Digital - Update [Nov. 2021]

Started in April 2019 with Making Tax Digital (MTD) VAT for businesses with taxable turnover above the VAT threshold. MTD VAT is extended to all businesses from April 2022 and MTD income tax self assessment (MTD ITSA) will start in April 2024.

BUDGET 27th OCTOBER 2021 - highlights

  • 30-day reporting and payment deadline for CGT on UK residential property extended to 60 days for transactions completing on or after 27 October 2021
  • 100% Annual Investment Allowance continues at £1m until 31 March 2023, instead of reducing to £200,000 on 1 January 2022
  • Confirmation of 1.25% increases in National Insurance Contributions (NIC) and dividend tax rates from 6 April 2022, as well as increases in most NIC thresholds
  • Residential Property Developer Tax to be introduced from 1 April 2022 at 4% on profits over £25 million

COVID 19 – Winter Economy Plan [08th October 2020]

Coronavirus Job Retention Scheme CJRS – UPDATE

The existing furlough scheme, comes to an end on 31 October. The Winter Economy Plan the government announced will be introducing a new Job Support Scheme from 1 November 2020.

For employers to participate in the scheme:

Support for businesses - Due to COVID-19:

Support for businesses - COVID-19:

The government will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows:

Tax efficient investments of the tax year end 5th April 2020

Tax efficient investments ahead of the tax year end 5th April 2020

With the end of the tax year looming there is still time to save tax for 2019/20.

Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £20,000 for the 2019/20 tax year. Savers have until 5 April 2020 to make their 2019/20 ISA investment.

VAT Flat Rate Scheme.

VAT Flat Rate Scheme.

Changes are being made to the Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attractive to some businesses and this may result in these businesses deciding to no longer operate under the FRS. In some cases where a trader has voluntarily registered for VAT it may be appropriate to deregister from VAT.

A summary of the Autumn Statement 2016

The Chancellor delivered his Autumn Statement to Parliament on 23 November 2016 and you will find a summary of the changes which may affect you, as an employer.

Salary Sacrifice

The Chancellor intends to remove the income tax and employer’s Class 1A National Insurance contributions (NICs) advantages from salary sacrifice arrangements. In this context, salary sacrifice includes Benefits in Kind (BiKs) with a cash allowance option and flexible benefit packages with a cash option.

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