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What’s happening?

Here you can keep up to date with our latest news, as well as the latest goings-on in the world of accounting.

Reclaiming VAT on a business car

Posted by: Amy Patterson

There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. The usual rule is that if you purchase a car for your business then no VAT can be reclaimed. The main exception to this rule is if the new c... Read More

Companies House has confirmed that the temporary measure to suspend the voluntary and compulsory strike off processes will be lifted from 8 March 2021. When a company is struck off, the company's legal existence is removed from the Companies House re... Read More

Support for the UK housing market

Posted by: Amy Patterson

Support will include a mortgage guarantee scheme that will help home buyers purchase properties up to £600,000, and an extension to the existing stamp duty holiday that was due to end 31 March 2021.Mortgage guarantee schemeThe government will underwr... Read More

​National Living Wage increase

Posted by: Amy Patterson

The National Living Wage (NLW) will increase to £8.91 per hour from 1 April 2021. Workers must be at least school leaving age to be entitled to the minimum wage.From 1 April 2021 the National Living Wage will apply if workers are aged 23 and over. Th... Read More

Budget 2021 tax Update

Posted by: Amy Patterson

Many of the tax changes announced are for a fixed period, generally, from April 2021 to April 2026. This does provide welcome certainty for businesses. Announcements made include:Income Tax 2021-22 to 2025-26The basic rate threshold is increasing to... Read More

The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021. The Chancellor did not announce any further extension... Read More

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021. The Chancellor confirmed that employees will receive up to 80% of their salary for hours not worked subject to a monthly m... Read More

It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for VAT will be frozen at £85,000 until 31 March 2024. The taxable turnover threshold that determine... Read More

Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary tax relief applies on qualifying capital asset in... Read More

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next 2 years. The main rate had been expected to increase to help pay the massive costs of the coronavirus pandemic to the public purse.&nbs... Read More

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: £12,500) and the basic rate limit to £37,700 (2020-21: £37,500). As a result, the higher rate thr... Read More

Budget 2021 Key Points

Posted by: Amy Patterson

A budget to support the British people and businesses as well as starting to fix pubic finances and begin to build the future economy. This was the general feeling from today’s announcement Here’s a quick guide to the key points of today’s... Read More