Corporation Tax Changes Explained

Corporation tax is a huge source of revenue for the Government. Collected by the Government from the profits of companies operating in the UK and it is changing. (The profits of unincorporated businesses, sole traders and partnerships are subject to income tax as opposed to corporation tax)

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COVID support schemes are ending, find out what is continuing

The SEISS fifth grant period ends today as does the furlough scheme, with employers having until 14 October to submit a claim for the latter – as does the VAT reduction for hospitality and tourism to 5%, which will see an increase to 12.5

The ICAEW have issued a handy timeline for the remaining schemes.

Two forms of data are shown in the chart: how much money has been spent or lent on each scheme so far, and each scheme’s end date.

The chart does not include all of the support measures provided by the government or the Bank of England to businesses and individuals, for example the £20 a week uplift in universal credit to those on low incomes that also comes to an end on 30 September or the corporate finance lending facilities provided by the Bank of England to very large businesses.

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What does MTD Making Tax Digital mean for sole traders from 2023 – MTD for Income Tax

Making Tax Digital for Income Tax Self-Assessment becomes law on 6 April 2023 and aims to make tax accounting easier for businesses and individuals such as sole traders by legislating the digitalisation of tax data and submission.

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Reduce your employers’ NIC liability and your employees taxable benefits by switching to fully electric vehicles

If an employee is provided with a car by their employer, tax is payable on the cash equivalent of the of car provided. The cash equivalent of the company car provided is calculated by taking the list price of the car, multiplied by a certain percentage, this percentage depends on the amount of carbon dioxide emitted by the car.

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Are you using all your Tax Allowances? Use Them or Lose Them – learn more here

So many people aren’t claiming all of the allowances that they are entitled to – don’t be one of them! HB Accountants are on a mission to let people know (and claim what’s rightfully theirs’ to use) all the allowances and tax breaks, to improve the financial future for themselves and for their families – our Tax Manager Amy is here to help

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SEISS 5 grant applications to open in late July (Self-Employment Income Support Scheme)

Applications for the fifth round of the self-employed income support scheme grant (SEISS 5) are due to open in late July. SEISS 5 covers the period May 2021 to September 2021 and eligibility is based on your tax returns. Am I eligible? How much will I receive?

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Act Now! Super-deduction – a very attractive £25m tax break on capex investment

Super-deduction, a new capital investment allowance, has been introduced to boost business investment and help economic recovery. It is a great incentive to encourage businesses to invest in plant and machinery and there are very few exclusions on what can be purchased. Available for two years from April 2021, the 130% capital allowance deduction will deliver 25p off company tax bills for every £1 of qualifying spend.

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The fourth Self-Employment Income Support Scheme grant is worth up to £7,500 – do you know how to claim?

Updated: 26 April 2021 – The fourth Self-Employment Income Support Scheme grant is worth up to £7,500 & covers the period from February 2021 to April 2021. The online service to claim the fourth grant will be available from late April 2021. If you’re eligible based on your tax returns, HMRC will contact you in mid-April to give you a date that you can make your claim from. It will be given to you either by email, letter or within the online service.

The Government Gateway is now open for the fourth round of SEISS grants – you will need to login and will then be given a date to return to make your application

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UK Tax Rates for 2021/2022

HB Accountants have produced a Tax Card which summarises many of the rates and allowances fundamental to your business and personal lives. It’s a great point of reference throughout the coming tax year and contains lots of information on personal, business, employment, property and capital taxes, including any changes.

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