The Fifth Self Employed Income Support Scheme (SEISS) Grant

HMRC invited claims to be made from late July 2021 in a similar way to the fourth SEISS grant. Claims must be submitted online and are subject to a deadline of 30 September 2021. The grant is available to those who were unable to claim the first three grants, and it covers the trading period […]

HMRC proposes changes to the way trading income is allocated to tax years

The government has recently published draft legislation that looks to align all basis periods for unincorporated businesses with the tax year. The proposed changes were due to take effect from 2022/23 onwards, however, in a recent written statement the Treasury has announced that these changes will be pushed back by 12 months. Whilst this creates […]

Changes to Dividend and NIC Rates

Dividends Under the plans investors can still earn up to £2,000 each year in dividends and suffer a zero rate of tax. However, from the 2022/23 tax year onwards, the current rate will rise as follows: Currently up to £2,000 0% Basic rate 7.5% Higher rate 32.5% Additional higher rate 38.1% From 2022/23 up to […]

Don’t miss out on tax relief for capital expenditure in your business

You will recall from our article last year that the Treasury announced a temporary extension to the £1 million cap for the Annual Investment Allowance (AIA) until 1 January 2022. This means that a business will be entitled to a 100% allowance on eligible expenditure up to 31 December 2021 subject to the £1 million […]