Annual Investment Allowance threshold made permanent
The annual investment allowance (AIA) threshold has for some time been set at £200,00, with a temporary increase in the threshold announced annually to support businesses for usually the next 12 months. However, last month, the Chancellor announced that the increase to £1 million will be retained on a permanent basis, which allows businesses to […]
The INCREDIBLY INTERESTING History of Income Tax in the UK part 2
It all began in 1582 when Pope Gregory XIII ordered a change of calendar from the Julian (named after Julius Caesar), which had been in use since 42 BC to the Gregorian. The Julian calendar, which consisted of eleven months of 30 or 31 days and a 28-day February (extended to 29 days every fourth year), was […]
The INCREDIBLY INTERESTING History of Income Tax in the UK (part 1)
On 9 January 1799, British Prime Minister William Pitt the Younger introduced a desperate and widely abhorred measure to help cover the cost of his country’s wars with France. As part of his government’s fiscal policy, Pitt introduced a direct tax on his citizen’s wealth – Income Tax. Why was Income Tax introduced in 1799? […]
Autumn Budget 2021 – Budget Brochure
Autumn Budget 2021 – Budget Brochure The Chancellors autumn budget was released on Wednesday 27 October 2021. Whilst a lot of the budget was known before the official announcement there was a lot more detail released on the day. It remains to be seen how the country will financially recover from the Coronavirus pandemic, but […]
Landlords Beware! Does this affect you?
HMRC Let Property Campaign (LPC) – How does this affect you? The HMRC Let Property Campaign (LPC) is intended to encourage landlords with undisclosed property income to make voluntary disclosures to HMRC. If you’re a landlord and you have undisclosed income, you must tell HMRC about any unpaid tax now. Under the LPC, you’ll then have 90 days to work out and pay what you owe. You may believe you are […]
New appointment boosts firm’s tax offering
Pictured: Neil Whittingham and Scott Lees Wigan based accountancy and business advisory firm NR Barton has appointed former top ten tax advisor Scott Lees to head up its tax offering. Scott, a former Tax Manager at Azets (formerly CLB Coopers) in Bolton, specialises in personal and corporate tax advisory for owner managed businesses. He has […]
National Insurance and income taxes increased to pay for a new social care levy
The Government have today announced the introduction of a new Health and Social Care Levy based on National Insurance Contributions. The purpose of the change is to ringfence and fund investment in health and social care. The changes are expected to raise over £12bn per year for the Treasury. The proposal as presented by Prime […]
Plastic Packaging Tax to be introduced within the UK
In aim to reduce plastic waste across the UK, the UK government have released the details of a new Plastic Packaging Tax which will take effect from 1 April 2022. This will encourage the use of recycled rather than new plastic within plastic packaging. This is expected to stimulate increased levels of recycling and collection […]
COVID-19: Chancellor announces ‘Winter Measures’ support package
Rishi Sunak has today announced his ‘Winter Measures’ support package to help businesses, employees and individuals through the ongoing troubles of the global COVID-19 pandemic. The Chancellor announced a package of measures that includes a new Jobs Support Scheme, extending the Self Employment Income Support Scheme and 15% VAT cut for the hospitality and tourism […]
Chancellor Announces Plans to Boost the Economy in the Wake of Covid-19
The Chancellor, Rishi Sunak, has announced a wide-ranging package of measures to try to boost the shrinking economy and save jobs in his Summer Statement on 8 July. Specific measures announced include: Job Retention Bonus There was no extension to the furlough scheme which is winding down over the next few months and ending on […]
