HMRC are now writing to more and more sole-traders who have incorrectly claimed any one of the FIVE SEISS (self employment income support scheme) grants during 2020 and 2021 demanding repayment. You should be aware of the conditions for repayment and make the necessary arrangements to repay sooner rather than wait for HMRC to add…
Read MoreAuthor: Polly Lee
I am an ICAEW Chartered accountant and qualified with PricewaterhouseCoopers in 2001. I have many years accountancy experience with big names such as GE Life, BGL Group, Anglian water, Nokia and HR Owen.
Got Covid? Had to close? Lost income?
If you or one of your dependents have caught covid which means you are unable to work, then you could be eligible for a £500 “test & trace” payment. You are eligible if: you’re employed or self-employed you, or a child you’re the parent or guardian of, has tested positive for coronavirus (COVID-19), or been…
Read MoreOctober 2021 Autumn Budget headlines
NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…
Read MoreSaving tax as a company director
How to maintain tax efficiency as a small business company director of your own limited company with the impending increase in dividend tax from April 2022 From the 6th April 2022 the tax cost of drawing dividends from your limited company will increase by 1.25% Currently, dividends are taxed on basic rate taxpayers at 7.5%,…
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0% BIK Car tax on new electric cars from April 2020
Are you a company owner? Your accountant has always advised that company cars will cost you ££££ in company car tax right? Well from April next year there will be NO (you heard right, zilch) company car tax on all-electric cars and with the range improving on them every day it’s a no brainer as…
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