Tax E-News

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Proposed NIC and Dividend Tax Rates

It is proposed that there will be a 1.25% rise in National Insurance Contributions (NICs) from April 2022 paid by both employers and workers and will then become a separate tax on earned income from 2023 - calculated in the same way as NIC and appearing on an employee's payslip.

September is the last month for CJRS Furlough Grants

The Government are pulling the plug on support to employers for furloughed staff at the end of September as they anticipate that the economy will be back to normal by October. The grant claims for employees furloughed in the month of September are 60% of the employee’s usual pay up to a maximum cap of £1,875.

Dealing with redundancies correctly

Remember that there are key steps that need to be followed as far as employment law is concerned.

5% rate on tourism and hospitality ends 30 September

The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September.

Big tax bills for the self-employed in 2022/23

Last month we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year.

Accounting for import VAT on your VAT return

HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union.

Notify option to tax land and buildings within 30 days

If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days.

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