Chancellor Jeremy Hunt today announced a series of new measures designed to reduce the Government’s deficit, tackle inflation and restore confidence in the UK’s economy. Income Tax, National Insurance and IHT The point at which the 45% rate of income [..]

  What is Self-Assessment? Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions, and savings. People and businesses with other income must report it in a tax [..]

Small businesses boosted by bounce back Loans New 100% government backed loan scheme for small business. The Bounce Back Loan scheme is aimed at small businesses. The scheme is available from 9am Monday 4 May. It is designed to provide financial help, [..]

Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow. If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and [..]

Business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Eligibility You are eligible for the business rates holiday if: your business is based in England your business is in the retail, [..]

The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19). This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to [..]

The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least 3 months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19). Employers [..]

Tax credits could go up, down or stop if there are changes in your family or work life. Must report any changes and change any circumstances to the Tax Credit Office. Make sure you have as much information as possible [..]

Business property relief (BPR) for inheritance tax (IHT) purposes is perhaps most commonly claimed in respect of an individual’s owner-managed company. The rate of BPR for the individual’s shares in an unquoted trading company is 100% in most cases. The [..]

The tax-free allowances you can get up to £1,000 for property or trading income from 6 April 2017. If you have both types of income, you’ll get a £1,000 allowance for each. If your gross trading or property income is [..]