At 6.00 am on Monday 17 October, the Treasury issued a press release announcing that the (new) Chancellor, Jeremy Hunt, would making a statement “bringing forward measures from the Medium-Term Fiscal Plan”. The timing of the press release suggested that the Treasury was concerned it had not done enough the […]
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On 14 October, as an important deadline loomed for Bank of England support of the government bond markets to expire, the government’s political turmoil ratcheted up as the fallout from the ‘fiscal event’ of 23 September claimed its first scalp. A new Chancellor Jeremy Hunt replaced Kwasi Kwarteng as Chancellor, […]
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After a prolonged period of speculation, the new Prime Minister Liz Truss has announced preliminary details of how the government plans to deal with the energy price crisis. In late May this year, the then Chancellor, Rishi Sunak, announced a range of measures to reduce the impact of the anticipated […]
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While the pre-Budget Treasury leaking machine appeared to flag many of the Budget measures announced, the Chancellor still managed to produce some surprises on Budget Day. As the number of people affected by Covid-19 now appears to be slowing as vaccines are rolled out, Mr Sunak was clear on the […]
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With the ever changing situation, regarding coronavirus, HMRC have been updating their online guidance documents regularly. We wanted to bring your attention to a recent update to do with furloughed staff and Christmas. The main HMRC document we are going to discuss is this one: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme The change regards the […]
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If you are a sole trader or in a partnership, you have likely wondered which expenses you can claim against your income tax liability. Different tax rules apply for different types of expenses. The underlying rule is that expenses must be ‘wholly and exclusively’ for the purpose of your business […]
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Tax for small businesses can be a minefield. With so much to keep up with when you start out, it can be difficult to know if you are paying the right tax, particularly if you have grown quickly. This can be costly to your business as you will be charged […]
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For richer, for poorer – are you taking advantage of Marriage Allowance? Introduced in April 2015, Marriage Allowance means that if you are married, or in a civil partnership, you can transfer £1250 of your Personal Allowance to your partner. If the lower earner, makes less than £12,500 (the current […]
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By the end of 2019, there were more than 5 million people in the UK who were registered as self-employed. Despite so many people working this way, becoming self-employed can be quite daunting if you have never done it before as there are so many things to consider. What type […]
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Following the range of updates over the last several weeks, we have now rounded up the latest information from the government on specific schemes where additional detail was released. This update covers measures discussed on 4 May. Bounce Back Loan Scheme (BBLS) The scheme opened for business at 9.00 am […]
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