Monthly Archives: September 2021

Dividend tax increase 2022

As well as increasing National Insurance contributions from April 2022 – the 1.25% increase announced earlier this month – the Treasury also increased the hybrid income tax rates applied to dividends received, by the same amount and from the same date.

The changes from April 2022 are:

  • The first £2,000 of dividends received are free of any...
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HMRC warns students of tax scams

HMRC is warning university students new to the world of working to be wary of potential scams.

With higher numbers joining university, we are likely to see more students take on part-time work. As many young people may be unfamiliar with HMRC and legitimate contact from the department could make them vulnerable to scams.

There have been...

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NIC and Levy high jinks

No surprises when the Prime Minister announced a hefty 1.25% increase in NIC Class 1 and Class 4 rates from April 2022. The announcement was widely predicted.

Effectively, this is a tax increase on earnings (employed or self-employed) and on costs for employers. It is odd that a 1.25% increase in Income Tax would have created...

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Government backs UK entrepreneurs with six hundred million of Start Up loans

The UK Government’s Start Up Loans scheme has now provided £600 million in loans to small businesses outside London, providing extensive support for entrepreneurs across the UK.

The initiative, run by the British Business Bank, was created in 2012 to provide a wide range of smaller businesses with more opportunities to create jobs, expand and develop.

Businesses...

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What is round the corner?

Having glimpsed the light at the end of the COVID tunnel, many of us will have everything crossed that progress towards normality will continue. The winter months are not a brilliant time for infection and we should expect the usual rash of flu, and now COVID, cases to increase.

In the past two years words such...

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Tax-free childcare costs

Families are reminded that they may be able to claim for tax-free childcare costs to help pay for breakfast and after school clubs as children go back to school.

In a recent press release HMRC confirmed that Eligible families can save money on their childcare and benefit from a government top-up worth up to £2,000 every...

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SMEs can enhance business performance by joining Peer Network scheme

A government-funded Peer Networks scheme is offering support to small and medium-sized enterprises (SMEs) across the UK.

The programme, which is free to join, helps organisations tackle common business challenges through interactive action learning.

Additionally, the scheme’s trained mentors help small and medium-sized businesses handle new opportunities and build a strong support network.

Business leaders can learn from...

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Supply chain issues gaining traction

News broke in recent days that McDonalds were running out of supplies. As a direct result of these supply chain issues their iconic milk shakes are being dropped from menus together with other bottled drinks. These particular shortages will apply to outlets in England, Scotland and Wales. Supplies in Northern Ireland are holding up, so...

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Tax Diary September/October 2021

1 September 2021 - Due date for Corporation Tax due for the year ended 30 November 2020.

19 September 2021 - PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your tax electronically the due date is 22 September 2021)

19 September 2021 - Filing deadline for the CIS300 monthly return for...

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