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1309, 2021

The Financial Impacts of the Social Care Levy

September 13th, 2021|Tags: , , , , , |0 Comments

The Financial Impacts of the Social Care Levy Following on from our previous blogs about Boris’s Social Care Reforms announcements, we want to get into the numbers. What does this new levy mean for you? How much more in tax will you be paying? A recap of the Levy It is an additional 1.25% charge on earnings, employment benefits, PAYE Settlement agreements and dividends. In respect of earned income, from [...]

809, 2021

Social Care Reform

September 8th, 2021|Tags: , , , , , |0 Comments

Social Care Reform Yesterday, PM Boris Johnson made an announcement introducing his big plans to reform the social care system. Rise in National Insurance In April 2022 National Insurance contributions will increase by 1.25%. This increase will help to generate £36 billion in funds over 3 years. These funds are to be spent as follows; NHS funding - £16 billion COVID health response - £8.9 billion Social care & training [...]

1308, 2021

We are hiring!

August 13th, 2021|Tags: , , , , , , |0 Comments

We are hiring! Our team is growing again and we are looking at hiring 2 new people to join us. One opportunity is for a qualified, or studying, ATT member to head the taxation services for a growing Northwest based accountancy practice. The second is for a payroll administrator. Job description for the Tax Lead The key responsibilities of this Head of Taxation are: The review/preparation of Self-assessment tax returns [...]

2207, 2021

Bounce Back Loan Repayments

July 22nd, 2021|Tags: , , , , , , |0 Comments

Bounce Back Loan Repayments For those who applied for the Bounce Back Loans last year, your repayments may now be starting. However, with the ongoing business closures through isolation, many businesses are still struggling. So, what happens now? The details The Bounce Back Loan was introduced at the start of the pandemic to allow small business to access loans quickly and confidently. The amount people could borrow was between £2,000 [...]

707, 2021

Your July tax payment is due – but is it correct?

July 7th, 2021|Tags: , , |0 Comments

Your July tax payment is due – but is it correct? HMRC uses your previous year’s figures to estimate your accounts for this year. If your income has fallen, the cash available to go towards tax payments might also be reduced. If this is the case, it is worth finding out whether your tax payment can be reduced. It’s simple and perfectly legitimate to see whether your payment can be [...]

207, 2021

COVID-19 Business Support July 2021

July 2nd, 2021|Tags: , , , , , |0 Comments

COVID-19 Business Support Coronavirus Job Protection Scheme (Furlough) The Furlough amount claimable is changing from Thursday 1st July 2021. The total amount you can claim in July for one employee is £2,187.50 in July. The total for August and September claimable is £1,875 per employee. Eligible employees must NOT do any work for the hours that you are claiming furlough for them. If your employee is furloughed, you need to [...]

2506, 2021

Top Tips for starting your own business

June 25th, 2021|Tags: , , , |0 Comments

Tips for starting your own business There are too many benefits to having your own business to mention. You can be your own boss, have the freedom to do what you love without overbearing employers breathing down your neck 24/7, and, of course, make money. If you’re looking for tips on starting your own business, you probably already understand the benefits. But, maybe the process of getting the results is [...]

906, 2021

Reporting Expenses and Benefits

June 9th, 2021|Tags: , , , , , , , , |0 Comments

Expenses & Benefits Reporting Deadline 2020-21 Tax year The details The deadline for reporting any expenses and benefits, provided to any employees in the 2020-2021 tax year, is the 6th July 2021. What you need to do You can report these through the following methods; Payroll HMRC’s PAYE online service (up to 500 employees) HMRC’s Online End of Year Expenses service By post using a P11D form P11D You will [...]

1905, 2021

COVID-19 Business Support

May 19th, 2021|Tags: , , , , , |0 Comments

COVID-19 Business Support Self-Employment Income Support Scheme The 4th grant is now available to be claimed by those who are eligible.  The deadline for all applications is the 1st of June 2021. To be eligible you must: You must have traded in both the 2019-20 and 2020-2021 tax years. Be a self-employed individual or a member of a partnership. So, you cannot claim the grant if you trade through a [...]

2303, 2021

The 2020-21 PAYE tax year is coming to an end: are you prepared?

March 23rd, 2021|Tags: , , , , , , , |0 Comments

The PAYE tax year is coming to an end: are you prepared? Making sure you stick to PAYE tax procedures is incredibly important if you own a business. This means staying up to date with any changes in the system. PAYE tax can already be a stress point without you having to worry about missing new rules and finding yourself with hefty fines.   What are the deadlines? You will need to [...]

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