Each week Bath accountancy firm Pearson May and Bath Business News team up to bring you the top national finance stories. Outlook for 2022 economy sours British Chambers of Commerce and thinktank the Resolution Foundation warn of harsher economic conditions for 2022. Get more information here House of Commons passes Economic Crime Bill Beneficial owners of overseas entities...
As the end of the 2021/22 tax year approaches on 5 April, it is also a good time to review your affairs, making the most of opportunities to maximise your income and minimise your tax. Some tax planning may require action to be taken before 5 April. Pearson May partner Jacqui Bowden highlights a...
Each week Bath accountancy firm Pearson May and Bath Business News team up to bring you the top national finance stories. House of Lords and NAO raise concerns over IR35 New reports highlight risks and challenges for HMRC. Find out more here Government considers new online sales tax Tax on internet sales would be used to reduce business...
Despite mounting pressure to scrap the increase in National Insurance Contributions (NICs), the Prime Minister and Chancellor recently confirmed that they are ‘fully committed’ to introducing the so-called “Health and Social Care Levy” on 6 April 2022, writes Pearson May partner Matthew Rutter. With a planned increase in Corporation Tax also due in just...
For the second year in a row, HM Revenue & Customs (HMRC) has announced that it will not charge the usual automatic late filing penalty of £100 for any 2020/21 Tax Returns that are not filed by 31 January 2022, as long as they are filed by 28 February 2022, writes Pearson May partner...
I think we were all hoping that this year’s Christmas parties would be more ‘normal’ following last year’s restrictions, but developments with Coronavirus over the past few weeks have perhaps cast some doubt on that, writes Pearson May partner Matthew Rutter. Whatever kind of festive celebrations you may be planning for your workplace, whether...
Chancellor Rishi Sunak delivered the Autumn Budget last week and it was a Budget that aims to ensure that the UK economy bounces back following the coronavirus pandemic, writes Pearson May partner Matthew Rutter. The main announcements were focused on spending and there were relatively few tax changes. Income Tax limits and the...
The Prime Minister announced last month that National Insurance contributions (NICs) and the three dividend tax rates will all increase by 1.25% from next April to pay for the social care system in England, writes Pearson May partner Jacqui Bowden. From April 6, the basic rate of dividend tax increases to 8.75% (up from...
Each week Bath accountancy firm Pearson May and Bath Business News team up to bring the top national finance stories. Employers and employees to pay 1.25% more NICs Rise in National Insurance to fund development of the health and social care tax. Find out more here Shareholders and directors hit by dividend tax rate rise The three dividend...
Unincorporated businesses could be about to see significant changes to the way they are taxed, following the launch of a government consultation, writes Pearson May partner Matthew Rutter. The government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and partnerships, allocate trading profits...
