Tax Planning for Small Businesses in the UK: A Comprehensive Guide Tax planning is a crucial aspect of running a successful small business in the UK. It involves strategic financial decisions that can help you minimize your tax liability while remaining compliant with the law. Effective tax planning can free up resources that you can reinvest in your business for growth. In this comprehensive guide, we will explore various tax planning strategies tailored to small
What is Super Deduction On Capital Allowances? During the pandemic period, a few new allowances were introduced in the UK. The aim was to boost the recovery of the business and its activities. One of those newly introduced allowances is the Super Deduction relief.The super deduction enables businesses to invest in qualified, allowance-eligible assets; receiving a much higher tax reduction in the tax year of purchase than it would otherwise. This allowance is applied for
Top 5 Accounting firms in London Accounting for Small and Medium-sized (SMEs) Firms:Considering the workload of creating a sustainable presence in the market as well as seeking the right sets of skills to ensure a smooth operation of the business can be moderately demanding. In brief, starting a business from scratch can itself be a daunting task! Besides that, there is prominent involvement in monetary affairs- from daily expenses, budgeting, cash flow forecast to annual
Supporting Business Recovery Loan Scheme –From 6 April 2021 the Recovery Loan Scheme will provide lenders with a guarantee of 80% on eligible loans between £25,000 and £10 million to give them confidence in continuing to provide finance to UK businesses. The scheme will be open to all businesses, including those who have already received support under the existing COVID-19 guaranteed loan schemes.Restart Grants –The government will provide ‘Restart Grants’ in England of up to
Supporting Jobs High-quality traineeships for young peopleThe government will provide an additional £126 million in England for high-quality work placements and training for 16-24-year-olds in the 2021/22 academic year. Employers who provide trainees with work experience will continue to be funded at a rate of £1,000 per trainee.Payments for employers who hire new apprentices –The government will extend and increase the payments made to employers in England who hire new apprentices. Employers who hire a new
Housing Mortgage guarantee scheme –The government will introduce a new mortgage guarantee scheme in April 2021. This scheme will provide a guarantee to lenders across the UK who offer mortgages to people with a deposit of just 5% on homes with a value of up to £600,000. Under the scheme all buyers will have the opportunity to fix their initial mortgage rate for at least five years should they wish to. The scheme, which will
Supporting livelihoods Coronavirus Job Retention Scheme (CJRS) – To support businesses and employees across the UK through the next stage of the pandemic, the government is extending the CJRS for a further five months from May until the end of September 2021. Employees will continue to receive 80% of their current salary for hours not worked. There will be no employer contributions beyond National Insurance contributions (NICs) and pensions required in April, May and June.
Budget key points at a glance Tax Personal taxThe Health and Social Care Levy – As announced by the Prime Minister on 7 September 2021, the government has legislated for a new 1.25% Health and Social Care Levy (the Levy), to fund an historic investment in the NHS and social care. The Levy will apply UKwide, to the same population and income as Class 1 (Employee, Employer) and Class 4 (Self Employed) National Insurance contributions (NICs),