Autumn Budget 2021: key facts
The Chancellor struck a very upbeat tone in the second Budget of 2021, increasing spending pledges significantly. But what were the key tax announcements?
NI rates hiked – how much more will you pay?
Boris Johnson announced that NI and dividend tax rates will be hiked to help fund social care, pay for coronavirus support measures and clear the NHS backlog. Who will be affected and by how much?
Accounting for the crisis unfolding in construction
On the surface, construction is booming with residential property projects dotting the urban landscape. But there is also a growing crisis as the sector is squeezed by global supply chain issues, skills shortages, and skyrocketing prices.
Special reductions and late filing penalties
The First-tier Tribunal (FTT) has considered whether a taxpayer had a reasonable excuse for filing his tax returns late. While the issue was not unusual, the FTT’s ruling was. How might its decision help you reduce a late filing penalty?
Why you should maximise dividends when you can
Coronavirus has played havoc with dividends as a profit extraction method for owner managers of some companies and may have put them at a tax disadvantage for some time to come. How might a similar situation be avoided in future?
Super-deduction tax incentive extended
The “super-deduction” is a new tax incentive for businesses to purchase equipment. The qualifying conditions have now been relaxed to allow the tax break for some previously excluded items. What’s the full story?
HMRC plans to make self-assessment tax payable sooner
The government plans to demand quarterly or monthly tax payments from companies and individuals who pay tax through self-assessment. It won’t happen for at least two years. Have your say by responding to the consultation.
Special Rules for Directors’ NI Contributions
Special rules apply to directors’ NI contributions. Normally they go unnoticed, but in a year that has been many directors cut their salary this might result in too much NI being paid.