National Insurance Contributions (NIC’s) will rise by 1.25% from April 2022 for employed and self-employed workers. As a result, this is intended to help fund health and social care costs. Why are National Insurance Rates increasing? The rates are to be increased in order to help with the impact of the coronavirus on the NHS[…]
Traditionally, most people get nowhere near breaching the pensions lifetime allowance, but that’s likely to change over the next five years. The lifetime pensions allowance is currently £1,073,100. In his Spring Budget on 3 March 2021, Chancellor Rishi Sunak revealed that this would be frozen until 5 April 2026 – along with a raft of[…]
As part of the Budget announced on 3rd March 2021, the Government introduced new temporary first-year allowances, including a 130% super-deduction, which will take effect from 1st April 2021 up to 31st March 2023. HM Treasury has provided a factsheet covering the super-deduction here. We have summarised the capital allowances applicable from 1st April 2021[…]
In his second Budget and 14th fiscal announcement since succeeding Sajid Javid in February 2020, Rishi Sunak resisted the urge to start raising the main taxes in a bid to rebuild the UK economy and tattered public finances. The Chancellor has tried to strike a balance between continuing to prop up the businesses worst affected[…]
The Chancellor has scrapped his Autumn Budget, but this afternoon he set out a series of measures to help businesses over the next six months. All the measures are welcome, and below you can see more detail (taken from the Government website). In summary Rishi Sunak announced the following A new Job Support Scheme where[…]
On Thursday 26th March, the chancellor announced measures to help self-employed workers during the coronavirus epidemic. The following has been taken directly from the government business support website. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month. HMRC will use[…]
It is inevitable that most business will be impacted by the Covid-19 pandemic. This is unprecedented in my time in practice, and I believe the impact may be far greater than the 2008 financial crisis. As well as the human cost to health and emotional well being, many businesses will suffer financial losses. If your[…]
A range of measures designed to boost business and productivity were announced in Autumn Budget 2017. Amid a background of discontent surrounding business rates, chancellor Philip Hammond revealed future increases will be determined by the Consumer Prices Index measure of inflation from April 2018. The measure comes into effect two years earlier than originally planned[…]
Chancellor George Osborne delivered his Budget 2016 on 16 March 2016 and outlined several changes national insurance, corporation tax and stamp duty. Some of the headline measures relating to businesses announced in the Budget include: Corporation tax – the rate of corporation tax will reduce to 17% by 2020 Business rate relief – the doubling[…]
I am delighted to be able to announce that as of 1st April 2016 Tor Stringfellow, our Senior Manager, will be appointed a Partner here at Jack Ross. Tor has been with us for 3 years and will already be known to many of you. He is looking forward to meeting as many clients as[…]