On 26th March the government announced a package of support for self-employed workers in the UK whose businesses are affected by the lockdown imposed as a result of the coronavirus pandemic. The package offers a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for the next 3 months, … Read More
What is the COVID-19 Self-Employment Income Support Scheme?
Source: HMRC The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19). This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may … Read More
What is the Coronavirus Job Retention Scheme?
Source: HMRC The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. We expect the scheme to be up and running by the end of April. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19). … Read More
Coronavirus update: UK Government measures for small businesses
Here at Competex we have been closely monitoring the Government proposals to introduce measures to help small businesses like yours. Here is a brief summary of the updates that may be relevant to you over the forthcoming months and which have been confirmed to date. Filing accounts on time. If you are unable to provide … Read More
Coronavirus update: IR35 legislation changes in the Private Sector delayed to April 2021
It was announced on 17th March that the reforms to IR35/Off Payroll Working rules in the Private Sector are to be pushed back for a further 12 months to 6th April 2021. We are heartened by this decision, which will give many of our clients, and the wider community of independent professionals working through their … Read More
Small business accounting calendar: key tax dates and deadlines
Source: FreeAgent Small business owners face many challenges, not least keeping track of all the many accounting dates and deadlines that arise throughout the year. Luckily, if you are a client of Competex, we always remind you when there is an important accounting deadline coming up. However, it can help to know what the accounting … Read More
Tax Planning Tips: Does the Marriage Allowance Apply To You?
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance allows one spouse of civil partner to transfer 10% of their personal allowance (rounded up to the nearest … Read More
Tax Planning Tips: How to Preserve Your Personal Allowance
Not all taxpayers are able to benefit from the personal allowance – once income exceeds £100,000 the allowance is gradually reduced until it is eliminated in full. However, there are steps which can be taken to reduce income and preserve entitlement to the personal allowance. The personal allowance is set at £11,850 for 2018/19, rising … Read More
Tax Planning Tips: Making the Most of Your Allowances
Are you using all the allowances available to you? The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take advantage of available allowances. The following are a selection of some of the allowances on offer. … Read More
Maximise Your Earnings For 18/19 With These End Of Year Tax Tips
As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that may save you money. Preserve your personal allowance The personal allowance is reduced by £1 for every £2 by which income exceeds £100,000. For 2018/19, the personal tax allowance is … Read More