by Paul Whyatt | Nov 5, 2021 | Business Advice, Business Start-up, Personal Tax
The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6 April 2022. Higher rate taxpayers will pay 33.75% (currently 32.5%) on dividends and additional rate taxpayers must budget for dividend tax of 39.35% (currently 38.1%)....
by Paul Whyatt | Nov 5, 2021 | Business Advice, News
High street shops, hospitality and leisure businesses were some of the hardest hit during the Covid-19 pandemic and many have not fully recovered. These businesses were granted 100% business rates relief during 2020/21 which continued until 30 June 2021 for properties...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Business Start-up, Taxation
Research and development tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However, the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a typical...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Taxation
In the March 2021 Budget, the Chancellor announced a superdeduction scheme that provides a 130% deduction for the cost of new plant or equipment if it is purchased by a company before 1 April 2023. Expenditure on other new assets, such as fixtures and integral...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Taxation
The national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1 April 2022 along with the other national minimum wage rates. Since 6 April 2021, the NLW rate has applied to workers aged 23 and over. The apprentice rate will rise...
by Paul Whyatt | Nov 4, 2021 | Business Advice, Business Start-up, Taxation
If you’re a business that uses freelancers, you should be careful to nail down their employment status from the start. Some of the key issues to consider are illustrated by a recent tax case taken to the First-Tier Tax Tribunal (FTT) – the case of Phillips v...
