Info Article

The stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months after it first came into effect.  The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to… Continue reading Stamp duty is back

The pandemic has proven a huge challenge for businesses, with 396,155 UK firms closing in 2020 according to the Office for National Statistics. The FSB expects that an additional 250,000 small businesses could fold by the end of 2021. Yet, despite the challenges, 407,510 new businesses were formed during 2020. Businesses that were able to move… Continue reading Thinking of starting a new business after COVID-19.

Business rates revaluations in England could take place every three years, following the launch of a recent consultation.  The latest consultation forms part of a comprehensive review into business rates in England, with a report due to be published in the autumn.  Business rates are similar to council tax for business properties in England. They… Continue reading Treasury seeks feedback on business rates revaluations

Employer contributions towards furloughed workers’ wages have increased again, as the furlough scheme prepares to close for good on 30 September 2021.  Officially introduced at the start of the pandemic in March 2020, the scheme has supported around 11.6 million jobs in the UK to date at a cost of £66 billion.  For most of… Continue reading Employer costs increase as furlough scheme winds down

Steps to shield your firm from threats. Fraud costs the UK around £190 billion a year, with businesses bearing almost three quarters – £140bn – of those losses. This worrying picture is backed up by the 2019 Fraudscape report compiled by anti-fraud body Cifas, which provides statistics for fraud committed by employees. The report read:… Continue reading Protecting your business from fraud

Business groups want more support to help employers meet the Chancellor’s pledge to raise the national living wage to £10.50 an hour by 2024. Chancellor Sajid Javid announced his intention to implement the hike alongside lowering the age threshold for those who qualify for the living wage from 25 to 21. The national living wage… Continue reading Employers need help to absorb the planned national living wage hike

The Treasury’s take from stamp duty land tax fell by the largest amount since the start of 2008/09, government figures show. In England and Northern Ireland, HMRC collected £11.94 billion in stamp duty receipts on completed property or land purchases in 2018/19 – a 7% decline on the previous tax year. That represents the biggest… Continue reading Stamp duty revenue down for HMRC

Plans to remove the employment allowance for large employers from April 2020 could impact on smaller firms. This allowance provides employers with a reduction to their national insurance contributions (NICs) bill of up to £3,000. Employers that claim the allowance can carry it forward from one tax year to the next, but that will stop… Continue reading Small employers risk losing the employment allowance in 2020

Key considerations for contractors before April 2020. Large and medium-sized organisations have just six months left to prepare for changes to off-payroll working rules, which are due to extend to the private sector next spring.  From 6 April 2020, firms that engage private-sector contractors will be responsible for deciding if the rules should apply and… Continue reading IR35 in the private sector