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Financial news and updates for small business owners
New self-build initiative
In a surprise weekend announcement, the Housing Secretary Robert Jenrick has revealed new plans for £150 million of funding to make it easier and more affordable for people to build their own homes.
The new “Help to Build” low deposit
Tax Diary May/June 2021
1 May 2021 – Due date for Corporation Tax due for the year ended 30 July 2020.
19 May 2021 – PAYE and NIC deductions due for month ended 5 May 2021. (If you pay your tax electronically the due date is 22 May 2021).
19 May 2021 – Filing deadline for
Tax on savings interest
If you have taxable income of less than £17,570 in 2021-22 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570
Restarting a dormant or non-trading company
HMRC must be informed when a non-trading or dormant company starts trading again and becomes active for Corporation Tax. Companies can use HMRC Online Services to supply the relevant information.
When a company has previously traded and then stops,
Tax-free capital gains
As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2021-22 is £12,300.
Whilst most taxpayers are aware of their annual
VAT – transfer as a going concern
The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate.
Where
Changing the terms of a salary sacrifice arrangement
A salary sacrifice arrangement is effectively an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit. This can include items such as company cars, childcare vouchers and additional employer pension
Recovery Loan Scheme
The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December 2021 (subject to
The Mortgage Guarantee Scheme
One of the measures announced at the Budget was the introduction of a new Mortgage Guarantee Scheme to help home buyers purchase property. The scheme was officially made available from Monday, 19 April 2021. The new scheme is designed for prospective
Factsheets
We also have a range of factsheets on different topics which you can browse and download.