Tax Year-End Changes – In June 2021 Office of Tax Simplification (OTS) issued a review summarizing the potential impact of changes in the tax year-end date on taxpayers, its costs, benefits, and long-term implications. It also considers the short-term proceedings to facilitate the launch of Making Tax Digital (MTD) for income tax. UK’s...
National Insurance Contribution Tax Changes UK 2022 The UK Government has announced temporary changes in the tax rates and thresholds for National Insurance Contribution, PAYE, National Minimum Wage, Maternity and Paternity pay, Employment Allowance, and others. Unless stated otherwise, the following changes are applicable from 6 April 2022 to 5 April 2023. ...
Mr. Sunak, the British Chancellor in his spring statement 2022 has made certain announcements that may have a bearing on the cost of living of households. However, this year Mr. Sunak faces pressure due to the increasing inflation levels to act on cost-of-living. His spring statement 2022 has resulted in rising household bills and...
The government has published the details of the Finance Bill 2021 on 11 March 2021. The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation. Chancellor Rishi Sunak announced the following measures in his budget speech: an extension of the stamp duty holiday in England a super-deduction capital...
Chancellor Rishi Sunak unveiled the contents of his Budget 2021 in the House of Commons on 3rd March. He announced the UK government’s tax and spending plans for the year ahead. However, the focus on helping business and jobs through the pandemic and supporting the UK’s long-term economic recovery will remain unchanged. Here is a...
The domestic VAT reverse charge for construction services will come into effect on 1 March 2021, according to HMRC. It was initially scheduled to come into effect from 1 October 2019 but was postponed until October 2020. The VAT reverse charge for construction is an extension of the Construction Industry Scheme (CIS).It applies only to...
The UK economy suffered its biggest slump in more than 3 centuries in 2020 as the coronavirus pandemic ravaged the economy. The pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing. The economy shrank 9.9 per cent last year. Which is more than twice the figure for 2009 at the height of...
Just before Christmas, the U.K. and the EU have announced a historic agreement indicating tariff free trade deal. The agreement (termed a “Trade and Co-operation Agreement” (TCA)) meant how they’ll trade with one another after Brexit. TCA agreed between the UK and EU came into force at 11 pm on 31 December 2020. Why did...
The government must extend SEISS Self-employment Income Support Scheme to fulfil their commitment with employed workers, says IPSE. Chancellor Rishi recently announced the extension of the coronavirus (COVID-19) Job Retention and loan schemes from March until April 2021. IPSE welcomed this announcement. However, it claims that self-employed workers have received less comprehensive support from the...
The government has tightened the eligibility criteria for the third SEISS grant – Self-employment Income Support Scheme. Applicants for the grant will face a new test, warns the Institute of Chartered Accountants in England and Wales (ICAEW). Applications for the third SEISS grant will open from 30 November 2020. Make your claim from the date...
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Copyright by CareAccountancy. All rights reserved.
