Are you eligible for the 4th SEISS grant? Take action

HMRC will be contacting you in mid-April to let you know if you are eligible to claim the 4th SEISS grant for the quarter ending 30 April 2021.
This will be sent by letter, email or within HMRC’s online service and it will advise you of the earliest date you can make your claim.

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Bounce back loans, pay as you grow options

You may have received, or are about to receive, a letter from your bank if you took out a government-backed Bounce-Back Loan (BBL) last year. You may remember that in the first year of the BBL no repayments were required, and the government picked up the tab for any setup costs and interest charges.

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New IR35 rules

A year later than planned, changes to off-payroll working rules in the private sector came into play on 6 April 2021.

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Keeping you compliant, keeping you well advised

HMRC and the Companies Acts determine how quickly and in what format your accounts and tax returns need to be prepared. They also set deadlines for the filing process and will apply penalties if those deadlines are not met.
In both cases, meeting these various deadlines keeps you compliant, no penalties to pay, and as part of the process, we will keep an eye on the figures produced to flag up opportunities to save tax or otherwise improve your business or personal finances.

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Guidance on the final two self-employed grants (SEISS)

More help for the self-employed has been announced, with the final two income support grants available until the end of September 2021.

The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1 February to 30 April 2021.

As with two of the previous SEISS grants, the fourth grant is worth 80% of three months’ average trading profits, paid out in a single instalment of up to £7,500.

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Personal tax planning 2021/22

A new tax year is now upon us and it’s much the same as the previous 12 months from a personal tax planning perspective, while the threat of COVID-19 appears to be receding. Here’s what you need to know from April 2021 and in some cases beyond.

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The future of UK corporation tax

In the UK, we’ve seen the main rate of corporation tax cut from 28% in 2010 to its current rate of 19%. Plans were originally in place to reduce it even further to 17% in 2020, but those were cancelled at the end of 2019.

Following the COVID-19 pandemic, as governments around the world looked to cover the costs they’ve incurred, company tax rates could now be about to go in the opposite direction.

In Spring Budget 2021, Chancellor Rishi Sunak announced that the UK’s main rate would increase to 25% from April 2023, at the same time as a separate small-profits rate of 19% being introduced. So what else do we know about the future of Corporation Tax?

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Financial Services – EU firms setting up in the UK

We recently reported that the EU had not yet granted the UK financial services industry “Equivalence”.

Equivalence is a system which can be used to grant domestic market access to foreign firms in certain areas of financial services. It’s based on the principle that the countries where they are based have regimes which are ‘equivalent’ in outcome. The EU has not yet reached a decision regarding the UK and requires more information on what the UK will be doing in the future.

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Hands, face, space, fresh air is this the new norm?

If you run a business and you can see the economy gradually returning to some kind of normal then now is the time to plan ahead and get your plan for recovery firmed up. Please talk to us about how we can help with finance, forecasts and a strategy for success, we have helped many businesses survive the pandemic and prepare for the future.

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Tell us about your business

Explore where you want to go, what you need to get there and how ABG can help.