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Self-Employed Income Support Scheme

The third grant under the Self-Employed Income Support Scheme can now be claimed (from 30th November).

In order to qualify you must be a self-employed individual or a member of a partnership.

You must have traded in both tax years:

  • 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • 2019 to 2020

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Annual Investment Allowance Extended

Posted: 18 November 2020

The £1 million limit was due to expire on 1 January 2021 – it has been extended until 1 January 2022

https://www.gov.uk/government/news/government-extends-1-million-tax-break-to-stimulate-investment-in-uk-manufacturing

Contact us at info@burgesshodgson.co.uk 

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Does Your Practice Need a Tax and Accounting Health Check?

Simon Bailey hosts our Q&A session with a team of our experts; Kenton May, Guy Vine and Gemma Jordan, with special guest Paul Gordon.

Watch the Q&A here.

If you have any further questions please get in touch at info@burgesshodgson.co.uk

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Major Changes Announced

Posted: 24 September 2020

Major changes have today been announced by the Chancellor. Detailed documents are awaited, summaries of the measures that the government has announced has been published and provide more information:

www.gov.uk/government/news/chancellor-outlines-winter-economy-plan

www.gov.uk/government/publications/winter-economy-plan/winter-economy-plan

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Public Service Pensions Consultation

In December 2018 the courts ruled that the transitional measures introduced during the 2015 public service pension scheme reforms directly discriminated against some younger pension scheme members.

A consultation was recently announced by HM Treasury to address this issue:

https://www.gov.uk/government/consultations/public-service-pension-schemes-consultation-changes-to-the-transitional-arrangements-to-the-2015-schemes

(more…)

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Tax Credits Deadline

Tax credits customers have just one week left to tell HMRC about changes to their circumstances before the deadline on 31 July 2020. Customers whose circumstances have changed in the last year or who have received a letter to reconfirm their income details must contact HMRC. Failure to respond by the deadline may mean tax credits customers receive incorrect tax credits payments and may end up having to repay any overpayments.

Read more here:

www.gov.uk/government/news/tax-credits-deadline-customers-at-risk-of-losing-out

If you have any questions please contact us here:

info@burgesshodgson.co.uk

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Making Tax Digital extended from April 22nd

Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023. For more information please visit: www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital 

If you have any questions on this please email: mtd@burgesshodgson.co.uk

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NHS Pensions – Scheme Pays Elections

The scheme pays election deadline for the 2018/19 tax year has been extended from 31 July 2020 to 31 October 2020. This will give Doctors a little more time to plan and work out any potential liabilities. If you think you may be susceptible to a pensions tax charge for the 2018/19 year and intend to make use of the scheme pays election, you must ensure that you do not retire and start drawing your pension before sending in the election. Once in receipt of your pension, scheme pays elections will not be accepted.

If you need any assistance with annual allowance pensions tax charges, please do not hesitate to get in touch with Gemma Jordan or Guy Vine who will be happy to help:

gj@burgesshodgson.co.uk

gv@burgesshodgson.co.uk

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Tax Returns

Whilst people may unfortunately see a downturn in profits/income due to Covid-19, this should only affect their 2020/21 figures. Your 2019/20 tax liability will still be due in January 2021 and submitting your Tax Return early will help budget for that liability in these uncertain times. Please contact us if you have any questions. We are here to help.

info@burgesshodgson.co.uk

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