National Living/Minimum Wage Changes from 1 April 2021

From 1 April 2021 the National Living/Minimum Wage rates will increase as follows:  • £8.91 an hour for workers aged 23 and over - previously £8.72 The National Living wage now applies to workers who are 23 years of age or older (previously 25). • £8.36 an hour for workers aged 21 to 22 – previously £8.20 • £6.56 an hour… Continue reading National Living/Minimum Wage Changes from 1 April 2021

Spring Budget 2021

Yesterday, Chancellor Rishi Sunak presented his Budget, which as expected focussed a lot on continuing short-term measures to help support both individuals and businesses through the next few months, but also included some longer-term plans in the government’s attempt to try and reduce the national borrowing. Here is a summary of some of the key… Continue reading Spring Budget 2021

VAT reverse charge for construction services

After three false starts the VAT reverse charge will now come into effect on 1st March 2021. The reverse charge represents part of a government clampdown on VAT fraud. Large amounts of VAT are lost through 'missing trader' fraud. As part of this type of fraud, VAT is charged by a supplier, who then disappears,… Continue reading VAT reverse charge for construction services

The Spark Arts for Children – Our Charity of the year.

Each year at Torr Waterfield we choose a charity, local or national, to represent and raise money for.  This year we have chosen to support The Sparks Arts for Children. The Spark Arts for Children is a busy children’s art organisation based in the LCB Depot (Leicester City Council managed workspace for creative industries), in… Continue reading The Spark Arts for Children – Our Charity of the year.

Postponed VAT Accounting

A faster way to recover VAT on goods imported to the UK. These changes will affect your business from 1 January 2021 if you import goods into the UK. Import VAT is now charged on all goods entering the UK (including goods from EU countries). Previously import VAT was charged on non-EU imports only.  You… Continue reading Postponed VAT Accounting

Covid-19 And Your Mental Wellbeing

During the COVID-19 pandemic, there has been a lot of information about the virus and its effects on mental health. Bereavement, isolation, loss of income and fear to name a few are triggering mental health conditions or aggravating existing ones. Many people may be facing increased levels of alcohol and drug use, insomnia, and anxiety.… Continue reading Covid-19 And Your Mental Wellbeing

VAT deferral

HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make. HMRC is advising taxpayers who deferred their VAT payments to: pay the deferred VAT in full on or before 31 March 2021or opt in to the VAT deferral new payment… Continue reading VAT deferral

Self assessment deadline approaching – 31st January 2021

The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities. … Continue reading Self assessment deadline approaching – 31st January 2021

£1 million Annual Investment Allowance cap extended

The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy. The AIA provides a tax write off against profits for expenditure incurred on plant and machinery by businesses and owners… Continue reading £1 million Annual Investment Allowance cap extended

Taxpayers claim tax relief for working from home

HMRC has received more than 54,800 claims from taxpayers using a new online portal which allows workers to claim tax relief for working at home. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Launched… Continue reading Taxpayers claim tax relief for working from home