Budget Summary 2021

JOB RETENTION SCHEME HMRC have extended the furlough scheme until September 2021. It will continue to pay 80% until June 2021, 70% in July 2021 and 60% in August and September 2021. This scheme as always is to retain jobs where work is not currently available, if your turnover is the same pre Covid, you may need to look at whether this scheme is applicable any longer.   SELF EMPLOYED INCOME SUPPORT SCHEME (SEISS) The SEISS has been extended till…

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Budget Summary 2019

We have tried to identify and highlight the key factors from the Autumn/Spring Statement, please feel free to call Chris on 01522 543500 if you have any further queries MAKING TAX DIGITAL This will become mandatory for income tax; however, it is currently deferred until at least April 2020. From 1st April 2019 all VAT registered businesses with turnover above the VAT threshold (currently £85k) will be required to file all VAT returns online and must be backed up by…

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Budget Summary 2018

We have tried to identify and highlight the key factors from the Budget, please feel to call Chris on 01522 543500 if you have any further queries.   PERSONAL TAX ALLOWANCE From 2018-19 the allowance is set at £11,850 (previously 17/18 £11,500).   TRANSFERABLE ALLOWANCES The maximum amount of free personal allowance that can be transferred between spouses is increased to £1,190 in 2018-19. Couples can only make a claim if one partner has spare personal tax allowance and the…

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