Autumn Budget 2021 – What can we expect to be announced?

London Skyline in Autumn

Chancellor, Rishi Sunak, will be announcing his Autumn Budget on Wednesday 27th October. As with every Budget and Spending Review, there is already plenty of speculation around about what we can expect to be announced, so we thought we’d try and summarise some of this in advance. There is a common feeling that this budget…

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How are dividends taxed?

Question mark drawn onto window pane

Dividends have their own tax rules and their own rates of tax which can make it difficult to understand how dividends are taxed. The rules and the rates apply in the same way regardless of whether the dividends are paid from your personal or family company as part of a profit extraction strategy, or whether…

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The New Health & Social Care Levy

A new health and social care tax will be introduced across the UK to pay for reforms to the care sector and NHS funding in England. A social care package, which the prime minister has called “the biggest catch-up programme” in the NHS’s history, will be funded through a new, UK wide 1.25% health and…

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Mileage allowances for Employees

Making mileage payments to employees As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be able to claim the associated expenses from their employer. If the journey is by car, the easiest way to do this is for the employer…

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Final SEISS Grant

The fifth and final Self Employed Income Support Scheme (SEISS) grant is available to apply for from the government. The scheme is available to anyone who is self-employed or a member of a partnership and thinks their business profit will be impacted by the pandemic between 1 May 2021 and 30 September 2021. You do…

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Gifting property to children

No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell a much-loved property to pay the inheritance (IHT) bill. The introduction of the residence nil rate band (RNRB -set at £175,000) means that a couple can now leave combined estates…

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Collection of Tax Debts

During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme, and to provide those whose finances were adversely affected by the pandemic…

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Fab5 Feature – June

Welcome to June’s edition of Fab5, the last one prior to the refresh we have planned… You’ll have heard us mention that lockdown derailed many of our plans but at last we have good news – we’re getting them back on track. In the coming days we’ll be announcing something exciting, a fresh identity to…

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Expenses and benefit returns for 2020/21

Expenses and benefits returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late. Form P11D A form P11D must be filed for every employee who has been provided with taxable benefits and/or expenses in the…

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Buy to let or furnished holiday letting?

When looking for an investment property, there are various decisions that need to be made. If the intention is to let the property, one consideration is whether to go down the buy-to-let route or whether to look at a holiday let. From a tax perspective, holiday lets that qualify as furnished holiday lettings have their…

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