A special relief is available for creators of literary or artistic works under which they can claim to add together their profits for 2 years and be taxable on the average of those profits if certain conditions are met. This helps to even out fluctuating tax charges for creative persons who may pay little tax […]
One or more charities can set up a subsidiary trading company to trade on their behalf. This may be a useful strategy if your charity: makes profits on trading that is not linked to its primary purpose makes a profit that comes close to or is higher than the small trading tax exemption limit wants […]
A new Recovery Loan Scheme was launched 6 April 2021, to provide much needed liquidity to businesses affected by COVID lockdown measures. Under the scheme, loans of up to £10m are available. The minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts. Potentially, these loans […]
Everyone in business that handles personal data must register for data protection purposes with the Information Commissioners Office. Most business will need to pay an annual fee of £40 or £60 but this can rise to £2,900. Some organisations only pay £40 regardless of their size and turnover. These are: charities and small occupational pension […]
The present pandemic has created just the right conditions for certain businesses to trade their way into insolvency. As we start the gradual withdrawal from lockdown, consumers will be on the lookout to spend after months of enforced home “arrest”. This will likely fuel an increase in economic activity on an unprecedented scale as we […]
Considering a home build? It would seem that government is keen to support this activity as they have just announced new plans to provide over £150 million in new government funding. This is aimed to make it easier and more affordable for people to build their own homes. The ‘Help to Build’ scheme will ensure […]
A new government backed loan scheme was launched 6 April 2021. A recent news story confirming the details is reproduced below: The scheme, which was announced at budget and runs until 31 December 2021, will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders. 26 […]
The mortgage guarantee scheme that was announced March 2021 is intended as a temporary measure. It will be open for new mortgage applications from April 2021 to December 2022, in line with the government’s view that the current scarcity of high loan-to-value lending is primarily a response to the pandemic rather than a symptom of […]
A National Insurance contributions holiday for businesses who employ armed forces veterans comes into force 6 April 2021. The policy allows employers to claim National Insurance contributions relief for veterans they have hired during their first year of civilian employment after leaving the armed forces. Who qualifies? Employers will only be able to claim National […]
On 12 April, the rules that government has required us to follow to combat COVID-19, changed. From that date: non-essential retail will be able to reopen personal care premises such as hairdressers and nail salons will be able to reopen public buildings such as libraries and community centres will be able to reopen outdoor hospitality […]