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The Chancellor made his annual Spring Statement speech today where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term.
Key measures the Chancellor announced as part of the plan include: •an increase to the National Insurance Primary Threshold for Class 1 NICs and the Lower Profits Limit for Class 4 NICs from 6 July 2022, aligning it with the equivalent income tax personal allowance which is set at £12,570 per annum •from April 2022, self-employed individuals with profits between the Small Profits Threshold (SPT) and the Lower Profit Limit will not pay Class 2 NICs, while allowing individuals to be able to continue to build National Insurance credits •the Employment Allowance will be increased by £1,000 from 6 April 2022 to £5,000, which will benefit around 495,000 businesses •an immediate reduction in duty on diesel and petrol from 6pm on 23 March 2022, by 5 pence per litre, for 12 months. The full detail on all the measures, some of which are subject to parliamentary approval, can be found on GOV.UK. Let's see what the new year brings to us all. No more pandemics please. Wishing you all a happy new 2021.
Best wishes, Pauline. It's not you, it's us!
As our long standing clients know, we've been around for a while. With 2020 being a bit rubbish (to say the least), we decided we needed a brand update to cheer us all up and ring in 2021 with a new face and here it is. We are now Mad About Accountancy Ltd. We always were but now it's official! We needed a new look and a new name to better reflect us and our business. Happy, mad, bonkers tea drinkers! Please bear with us while we get busy updating everything we need to. Thanks, Pauline. This is good news.
The UK Government has reviewed the terms of the scheme and announced that the Coronavirus Job Retention Scheme (CJRS) will remain at the current level of 80% of usual wages for the hours not worked, and will be extended until the end of April 2021. See gov.uk for further details. We can't help feeling a little festive at the moment. What a year we've all had!
I think we could all do with a little Christmas cheer. Hence, we've giving a little Christmas lift to our website. We hope you like it! Who doesn't love a snowman? Pauline x Strange times for us all. Even though we're still super busy, it feels a bit like we're in limbo, waiting for something to happen.
Several bits of news from No 10. Rishi Sunak's budget last week. a few surprises there. I'm pleased about the changes to Stamp Duty, long overdue I feel and will help people who want to move house. I'm not sure about the eat out discount, I'm partial to a takeaway myself. Flexible furlough. Great for employers who can now bring staff back on a part time basis. More information on the gov.uk website along with all the other updates. Stay safe everyone. Pauline The Government's furlough scheme has been extended to the end of October, announced Chancellor Rishi Sunak today.
Employees will continue to receive 80% of their wages with employers contributing to the wages costs from August. See BBC News website for details, link below. www.bbc.co.uk/news/business-52634759# This news will come as a relief to a lot of companies and employees who are obviously concerned for their jobs. We hope you're all staying well and positive.
For the latest update from HMRC regarding the job retention scheme, please see link below. www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme The portal for claiming your grant should be open on the 20 April. Remember the 8pm Clap for Carers tonight. Take care. I hope you are all well and keeping your families safe in these uncertain times.
HMRC have set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (COVID-19). The helpline allows any business or self-employed individual who is concerned about paying their tax due to coronavirus to get practical help and advice. Up to 2000 experienced call handlers are available to support businesses and individuals when needed. If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559 New year and new decade. If you're rushing about like a headless thing and drowning in paperwork, maybe now is a good time to take stock of your business and think about where you want to be this time next year. Organised or not?! Need help?
Well, you know where we are. Get in touch. Here's to a fabulous 2020. Woohoo! |
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