Many higher rate tax payers don’t know they can claim on their pension contributions Firstly, lets define what a higher rate taxpayer is. At the time of writing, a higher rate taxpayer is anyone with income over £50,271 in the tax year 2021/22, and they will pay 40% tax on income above this, rising to […]
Higher rate taxpayers are missing out on tax relief Read More »
Going green has never been so tax efficient! At NSG we promote all things green, and today we are talking electric cars. Fully electric cars are starting to become a realistic option for most when looking to upgrade their current vehicle. Not only can you show off your green credentials by investing in a zero
Small businesses now have access to software that previously only large firms could afford. You may have heard or seen advertised Making Tax Digital (MTD), a process used by HMRC that enables businesses to electronically report underlying VAT transactions directly to HMRC. Digital transfers of tax information will soon be a requirement for all businesses,
We’re into a new tax year (starting 6th April 2021) which means new minimum wage rates, changes to personal allowances, tax and National Insurance rates for employees and the self-employed. There is quite a lot of admin involved with this time of year, however If we already look after your payroll we have this covered,
Payroll – new rates for a new year. Read More »
The VAT deferral new payment scheme The VAT deferral new payment scheme is open for all businesses who deferred VAT due between 20 March and 30 June 2020 and still have payments to make, or who are unable to pay in full by 31 March 2021. This includes those on Payment on Account and Annual
Government support – March 2021 update Read More »
Employers/ employees: Furlough extended to 30th September 2021, with businesses starting to contribute part of the 80% starting in July. Employers contribute 10% in July and 20% in August and September. Confirmed Non-essential retail – back to work grants, up to £6000 per business Hospitality businesses – back to work grants, up to £18,000 per
Budget 2021 – the key points: Read More »
Tax allowances 2021/22 (tax year ending 5th April 2022) January to March is a key period in the year to review your income, to ensure you have utilised any allowances available to you. With some careful planning you can also save tax too! Personal allowance £12,570 (this is your tax-free allowance for the year) Marriage
Have you used your tax allowances yet? Read More »
One of the most commonly asked questions when starting a new business is whether to setup as a sole trader or limited company. This is an important decision as it will affect matters such as the amount of personal risk you take, how you extract money and are taxed, ownership, and expenses you can claim.
Sole Trader or Limited Company? Read More »
So you have the big idea and want to get started with your new business, but not sure how to go about it? At NSG we’ve created a checklist of areas to consider when starting a business. You’ll no doubt have lots of excitement and energy to charge out of the blocks, and with some
Starting a business Read More »
Attention all rental property owners. Don’t miss the opportunity to utilise the increase in Stamp duty bands (SDLT), where properties with values up to £500k will not be charged SDLT up until 31st March 2021, 30th June 2021 (budget update). This could prove a valuable tax planning opportunity, especially where one member of a married couple
Stamp Duty Tax Saver! Read More »
