Physiotherapist news

R&D cap announced

R&D cap announced

The government has announced a cap on the amount of payable tax credit that a company can claim for Research and Development (R&D). The cap will be £20,000 per period plus 300% of the PAYE and NIC payable for the period. This will take effect for periods starting...

Tax Rates and Allowances 2021/22

Tax Rates and Allowances 2021/22

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...

Introducing the Super-deduction

What is the Super-deduction? The super-deduction is a 130% first-year capital allowance for qualifying plant and machinery assets. There is also a less generous 50% first-year allowance for assets qualifying for the special rate pool. The super-deduction will allow...

Budget 2021

Budget 2021

Budget 2021 The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech, he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'. Main Budget proposals Tax measures...

Self-Employment Income Support Scheme (SEISS) extended

Self-Employment Income Support Scheme (SEISS) extended

The Chancellor has today announced further support for the Self-Employed, by making a fourth and fifth grant available under the Self-Employment Income Support Scheme (SEISS).   The fourth grant, covering the period February to April 2021 will be worth 80% of average...

Budget 2021: When is the Budget?

Budget 2021: When is the Budget?

The Chancellor Rishi Sunak will deliver his 2021 Budget on Wednesday 3rd March 2021.   What time is the Budget? The Budget is expected to take place at about 12:30 pm, straight after PMQs. The first part of the statement typically begins with a review of the...

Changes to the off-payroll working rules from April 2021

Changes to the off-payroll working rules from April 2021

If your business utilises subcontractors who provide personal services through limited companies or other intermediaries, then you may have to make substantial changes to comply with new rules which take effect from April 2021. It is vital that you act now to ensure...

Self-Assessment – More Time to Pay

HMRC has announced further help for Self-Assessment taxpayers, by extending the late payment penalty deadline until 1 April 2021.  Under normal circumstances, a 5% penalty would be incurred on any tax payments which were due by 31 January 2021 and are still...

Calls for a rise in the High Income Child Benefit Charge threshold

The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April 2021.  The £50,000 threshold for the HICBC has remained static...