31 July 2021
Each year, the rise in the cost of living seen in the Consumer Prices Index (CPI) increases the state pension that is a measure of inflation, increasing average wages, or 2.5%, whichever is highest is known as Triple Lock. It is a conservative manifesto pledge for the five years of…
After being in place for 6 months, the government’s directive to work from home has come to a halt from 19th July. Legal restrictions have been lifted on maintaining social distancing and wearing face masks. Government is also planning to remove the self-isolating rule for Covid-contacts people who are fully…
12 July 2021
Starting from the tax year 2020, the Employment Allowance was increased from £3,000 to £4,000 and employers with their annual NI liability less than £100,000 could claim the allowance to offset their employer NI contributions for this amount. However, with the newly established off-payroll rules that have commenced in April…
The legislation added to the Finance Act 2020 uses the tax system to recover unfair or incorrectly requested income support payments – i.e., Payments required under the Coronavirus Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS). This includes situations where the employer has not paid all government funds…
It is common practice that directors take a small salary and supplement their earnings with dividends, in order to keep the take-home pay as much as possible while adhering to HMRC (all dividends you draw will be taxed as personal income). Above the tax-free limit of £2,000, the following tax…
