Accounting, Business and Tax News Stories and Updates

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04-03-2021
Spring Budget 2021 – Income Tax Rates & Allowances
It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: £12,500) and the basic rate limit to £37,700 (2020-21: £37,500). As a Read more..

04-03-2021
Spring Budget 2021 – Corporation Tax
The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next 2 years. The main rate had been expected to increase to help pay the massive costs of the Read more..

04-03-2021
Spring Budget 2021 – CJRS and SEISS schemes extended
The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021. The Chancellor confirmed that employees will receive up to 80% of their Read more..

04-03-2021
Spring Budget 2021 - Government backed loan schemes
The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021. The Read more..

04-03-2021
Spring Budget 2021 - Capital allowances
Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary Read more..

04-03-2021
Spring Budget 2021 - VAT
It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for VAT will be frozen at £85,000 until 31 March 2024. The taxable Read more..

03-03-2021
Budget Summary - March 2021
More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following Budget summary is split into four Read more..

02-03-2021
Capital or debt?
What is the difference between capital and debt, and why is the distinction important? One important distinction is that capital represents the amount of funds introduced by shareholders, partners or Read more..

02-03-2021
What is pensions credit?
Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 Read more..

25-02-2021
Tax Diary March/April 2021
1 March 2021 - Due date for Corporation Tax due for the year ended 31 May 2020. 2 March 2021 - Self-assessment tax for 2019/20 paid after this date will incur a 5% surcharge. 19 March 2021 - PAYE Read more..