Be prepared for change in 2022
We are all ‘up to here’ in accommodating COVID-19, and depending on our tolerance levels, this is likely to continue into 2022. There are remote signs that a combination of vaccines and/or anti-viral drugs will eventually arrest the spread of this infection, but we will have to face disruption in economic activity next year and […]
Plug-in vehicle grants reduced
From 15 December 2021, the government is making the following reductions to the grants made available for certain electric vehicle purchases. It will provide grants of up to £1,500 (previously £2,500) for electric cars priced under £32,000. There are currently around 20 models on the market that would qualify for this grant. Support for wheelchair […]
Recent damage to electricity distribution network
Many individuals and businesses will have been affected by the disruption in electricity supplies due to recent storm damage. Most of the serious damage that disrupted supplies was reconnected fairly quickly, but for many home and business owners, reconnection has become a protracted affair. A recent letter from the Secretary of State for Business to […]
Office closure over the festive period 2021
Our offices will be closed for Christmas from 11am on Thursday 23rd December opening again on Tuesday 4th January 2022. Season's greetings and best wishes to you all
Time to pay taxes
January 2022 is a ‘taxing’ month. It is the last month to file a self-assessment tax return (electronically) for 2020-21 and avoid late filing penalties. It is also a month when significant tax bills may become payable. Companies Companies that have a 31 March 2021 year end will need to pay any corporation tax due […]
Travel between places of work
A reimbursement of expenditure incurred by an employee in travelling between two or more places of work is not “earnings” and therefore not taxable. This is because the expenditure would be an allowable claim if the employee had paid it out of their remuneration, as he or she would be travelling in the performance of […]
Planning for higher corporation tax rates
We are fifteen months away from a radical upward lift in corporation tax (CT) rates. From 1 April 2023, there will be two rates of CT: A small profits rate which will stay at the present 19% and will apply to companies with profits up to £50,000. An increased main rate, which will be set […]
Increasing footfall
Footfall measures the number of times a customer returns to your business to purchase goods and services. Many business owners believe that the most effective way to increase turnover is to win more customers or to charge them more for purchases. Both of these strategies may work to increase sales, but both contain hidden costs. […]
Christmas gifts for staff
Readers are reminded that there is a tax-free allowance for the provision of an annual party or other event for the benefit of staff and their partners. The present limit to tax relief is £150 per head. If this amount is exceeded, the full cost of the benefit is taxable not the excess over £150. […]
Business gifts and tax
Business gifts are not allowed as a tax deduction against profits. The legislation treats gifts in the same way as business entertaining expenditure, which is also disallowed. HMRC define a gift as: “… something that is given to a person without receiving anything in exchange. It is offered voluntarily and without any expectation of a […]
