2020/21 income tax returns & the SEISS

2020/21 income tax returns & the SEISS

Three grants worth up to £21,570 are taxable.  A chunk of time has passed since the self-employed income support scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic. The first taxable grant, worth up to £7,500 in total, was paid out...
What is a PAYE Settlement Agreement (PSA)?

What is a PAYE Settlement Agreement (PSA)?

An introduction to the PAYE Settlement Agreement. “A PAYE Settlement Agreement (PSA) allows you to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impractical expenses (or benefits) for your employees.” What...
The basics of VAT for UK businesses

The basics of VAT for UK businesses

An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to. But with Brexit, temporary rate...
The tax implications of furnished holiday lets

The tax implications of furnished holiday lets

COVID-19 prompts high demand for UK holidays. Owning and letting out a holiday home, otherwise known as a furnished holiday let (FHL), has always been a popular way of investing and earning income. Not only do FHLs enjoy many tax advantages over normal residential let...
The future of UK corporation tax

The future of UK corporation tax

What’s ahead for companies, from rate rises to Making Tax Digital. For the past 40 years or so, corporate tax rates have decreased steadily around the world. In 1980, the global average stood at around 40%, but by the end of 2020 it was closer to 24% as various...
Personal tax planning for 2021/22

Personal tax planning for 2021/22

What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years. With the financial fallout from COVID-19 over the last year...

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