 Tax Affinity Accountants UK Spring Budget 2021 key points for business owners & SME's
At Tax Affinity we believe in improving the financial lives of every person in the world. Each time the UK treasury government makes budget announcements we spend time reading through the information to help our clients support our clients with the best information to drive their businesses forward even during a down turn. The key points are listed below for a quick guide:
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.
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 The Chancellor yesterday announced a raft of new measures to support businesses in the UK. Below are the key points to help you and your business:
Job Support Scheme - to replace the Furlough scheme
If an employee (e.g. Mr Bob Smith) works reduced hours the employer pays for that. And in addition the employer and government pay one third of the lost pay each (up to the cap £697.92). So if Mr Bob Smith normally worked for an employer at £2,000 a month, and then worked 50% hours, he would get £1,000 normal pay plus £333 extra from their employer and £333 from the government. Self Employed Support - SEISS Grants
Bounce Back (BBL) Loans and Covid (CBILS) Loans - time extended from 6 to 10 years to repay + chance to pay interest only
Tax - 5% VAT to remain longer, VAT deferred interest free payments, more time to pay HMRC
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  £1000 Job retention bonus to encourage firms to retain furloughed staff
5% VAT for six months - VAT cut for restaurants, hotels and attractions only
Zero Stamp duty up to £500,000 and 'green homes grant'
50% Discount on restaurant meals in August only Monday to Wednesday
Financial Support for young workers
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  A large number of clients are asking us for help in understanding how the UK Government is going to support the employed, self employed & SME businesses during the coronavirus COVID-19 pandemic. The Prime Minister & Chancellor announced billions of pounds would be used to prevent businesses going under and support workers who have suddenly become unable to work.
Below is a helpful list of key points: Salaried Employees - the Coronavirus Job Retention Scheme
For Self employed, contractors and freelancers
Universal Credit and tax credit increase
SME Small & medium businesses - Coronavirus Business Interruption Loan Scheme
For renters
Other help
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  In a nutshell it was typical political waffle and little substance. But what we want to know and what our clients want to know is what it means for them. Well check out the simple list below to save time and get straight to the main factual points.
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  We like lists and we know you do too. So here is a short list about a few things to bear in mind when tax deadlines are looming:
1) Keep all necessary paperwork organised and make sure to keep all paperwork even after the tax years passed a minimum of 5 years as HMRC can put you under a tax investigation at any point reaching as far back as 10 years. 2) Make sure to plan ahead with your finances so you don’t fall short when deadlines arrive. Save and put money aside for the tax due. HMRC gives you approx 9 months from your year end to budget for this and will not normally extend the deadline without penalising you with extra charges and fees, 3) Be conscious of when the deadlines are arriving and what state your finances are in. Don't forget when its due and keep a reminder on your calendar for it. It’s important that you know how much tax you’re due to pay as this helps you to plan your finances around how much is due. So the earlier you get your paperwork together the earlier an accountant can put it together and let you know. Leave it to the last minute and you may be left short of both information and time. HMRC offer a ‘Budget payment plan’ if you are struggling to pay the tax - which allows you to pay over a number of months as determined by HMRC (not you). You may also be permitted to stop payments for up to 6 months, this option needs to be set up with HMRC for payments through direct debit and when payments are made they need to be regular. If you would rather not use the HMRC’s budget payment plan then you can design your own budget plan which could allow you to put money aside for your tax payments eg borrow money from elsewhere, the pro’s for this is that you don’t get charges the fees from HMRC and have the restrictions which HMRC place. The cons are that you need to be self motivated to keep up payment with the your budget plan or lender. Alternatively if you prefer to pay in one lump sum then it’s even more important that you’re aware of how much tax you’re due to pay, how far away the deadlines are and your financial state. Overall awareness of the deadlines and you’re own particular financial situation can guide you to making a budgeting plan for tax returns. It’s also worth bearing in mind that just a bit of planning ahead can save you from unnecessary fines and penalties from HMRC. By Anon at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Some of the main points for self employed and business owners from the UK Chancellor's Autumn budget announcement 22/11/17.
By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park, Kingston upon Thames, Cheam, and Surbiton they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting companies, contractors and self employed people throughout the UK, they regularly help clients with their payroll and pension. And help grow their business by providing tailored advice. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  HOW THE SPRING BUDGET 2017 AFFECTS THE SELF EMPLOYED & LIMITED BUSINESSES
The income tax personal allowance and the basic rate bands for this year’s tax return have already been announced. From 6th April 2017, personal allowance is set to increase by £500 to £11,500 and the basic rate band will rise to £33,500 from £32,000. This will result in a higher rate threshold of £45,000. The Chancellor has proclaimed that the personal allowance will continue to rise to £12,500 and higher rate threshold to rise to £50,000 by the end of the Parliament. Also, the Capital Gains Tax annual exemption will increase by £200 in 2017/2018 from £11,100 to £11,300. The rate of National Insurance Contributions for self-employed people will rise. Presently, self-employed individuals have to pay both Class 4 and Class 2 National Insurance Contributions (NICs):
From April 2018, it has been announced Class 2 NICs will be abolished and Class 4 NICs will remain the same. As a result of this, the self-employed will save £145 annually. This will allow them to keep more of their money and be able to invest it back into their business. Tax Free Dividend Allowance will be reduced from £5,000 to £2,000 from next year April 2018. This is because this will lessen the tax difference between the self-employed and employees. Those that will be affected, will be investors with stocks and shares worth over £50,000 outside an ISA. £435 million will be given to support any business that have been affected by the business rates relief revaluation. Therefore, no small businesses will pay more than £600 coming out of the small business rates relief than they did in year 2016-17. Financing local authorities will permit them to administer £300 million of discretionary relief to contribute in helping the businesses that are heavily affected by the revaluation. Landlords and small businesses below the VAT threshold will be given an extra year to get ready for Making Tax Digital. Businesses that are owned privately (unincorporated businesses) that have a turnover under the VAT threshold will have until April 2019 to prepare for this before "Making Tax Digital" becomes mandatory. Making Tax Digital is where businesses will have to use a specific digital software to maintain their tax records and update HMRC quarterly (every 3 months). The introduction of this complex digital scheme, which is involving commercial supplies or accounting software, runs smoothly, there is a likelihood that there will be substantial administrative trouble, especially for those businesses that presently do not use an accounting software. By Gopal Nath at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Small businesses and self employed individuals should be pleased with the chancellor's Spring Budget 2016. Because from 2020, the level of Corporation Tax will be reduced to 17%, less than the previously stated 18%. Making working through a limited company still a very tax effeicient choice. Capital Gains Tax (CGT) will also be reduced to 20% from 28% for higher rate taxpayers and 10% from 18% at the basic rate taxpayers. And the VAT threshold rising to £83,000.
Key Points for Small Businesses and the Self Employed:
In Conclusion Overall, good for small businesses and individuals. Not so great for contractors and landlords. By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Surbiton they are considered in the Industry to be experts accountants for small businesses. Helping and supporting business throughout the UK, they regularly help new and established businesses to succeed. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.  Tax Affinity - experts in analysing Government budgets for small businesses Budget 2015 the key points for you at a glance:
The Chancellor George Osbourne delivered the first 100% Conservative budget since 1996 and here is the all important quick reference guide for all new and experienced entrepreneurs: Good News:
Bad News:
Either way News:
By Anni Khan at Tax Affinity Accountants. Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they provide a bespoke service to client’s right across the UK and are considered in the industry to be experts. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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