Personal allowance and higher rate limit frozen
The personal allowance for 2020/21 is frozen at £12,500, the same as in 2019/20. The higher rate tax threshold is also frozen at £50,000. ...
20 March, 2020
News
More rates relief for small businesses
There has again been much lobbying from the small business sector to reduce business rates to enable traditional retailers in particular to compete with internet traders. The Chancellor announced a long term review of the future of business rates, but in the meantime there are some...
20 March, 2020
Statutory Sick Pay (SSP) Relief
The Government are predicting that up to 20% of the workforce may be unable to work due to Coronavirus at any one time. It had already been announced that employees would be entitled to Statutory Sick Pay from day 1 not day 4. It was announced in...
20 March, 2020
More Money for the NHS and Infrastructure in the Budget
Rishi Sunak received a “hospital pass” when he was appointed Chancellor and was required to deliver the first Budget in nearly 18 months within a month of his appointment. He announced extra spending on roads, rail, broadband and other infrastructure projects as well as extra...
20 March, 2020
Coronavirus Business Support
UPDATED: 23 March 2020 16:15 As we are in unprecedented times and there are no doubts that business is going to be tough over the coming weeks / months. This is a guide to some support available to you as business owners at the moment, with links...
18 March, 2020
Don’t Lose Your Personal Allowance!
For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000...
05 March, 2020
Will Pension Tax Relief Change in the Budget?
There are frequent rumours that pension tax relief will change in the Budget. This is even more likely this year as the new Government looks for additional tax revenue to fund its ambitious spending pledges such as the HS2 rail link. There is speculation that the...
05 March, 2020
Year End Capital Gains Tax Planning
Have you used your 2019/20 £12,000 annual capital gains exemption? Consider selling shares where the gain is less than £12,000 before 6 April 2020. Also, if you have any worthless shares consider a negligible value claim to establish a capital loss. You may even be able...
05 March, 2020
Further Changes to Entrepreneurs’ Relief?
Another tax relief that may be further restricted or even abolished is Capital Gains Tax entrepreneurs’ relief. This relief allows business owners to pay just 10% Capital Gains Tax on the first £10 million of capital gains when they dispose of their business and was...
05 March, 2020
Inheritance Tax in the Spotlight
We are expecting major changes to inheritance tax in the March Budget following two reviews by the Office of Tax Simplification (OTS) and also a report by an All Party Parliamentary Committee. Inheritance tax is perceived as a complicated tax with numerous fairly trivial reliefs...
05 March, 2020