This category aims to provide readers the most up-to-date news articles on UK taxation and accounting.
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As the chief of national finance, Chancellor of the Exchequer, Rishi Sunak, is supposedly considering a broad scope of changes to raise funds for the Treasury in the recuperation period of the pandemic.
Due to the COVID-19 pandemic, wages are rising at a rapid rate. Under the current triple lock on pensions, this would mean pensions would rise significantly as well.
The Self-Employment Income Support Scheme was initially introduced on March 26, 2020, and gave an underlying grant to independently employed people whose organizations were unfavorably influenced by the pandemic.
Her Majesty’s Revenue and Customs (HMRC) has confirmed that the VAT on open electric vehicle (EV) charging will remain at 20% after demands for clearness from organizations around decreased rates.
The Chancellor of the Exchequer, Rishi Sunak, temporarily lifted stamp duty tax on the initial £500,000 of property buys in July of last year, and in March, he extended the exception by a further three months to the furthest limit of June.
A triplet of changes to pension contributions are being drawn up, including lessening the pensions lifetime allowance from just over £1m to around £800,000. Bringing down this limit has a significant impact, as pension savings are heavily taxed above this allowance
More than 440,000 annual tax credits, survey packs were sent to customers between late April and early June. Customers will have either gotten an ‘auto restoration update or a ‘reply required’ notice.
UK government has extended the furlough scheme until the end of September. Chancellor Rishi Sunak confirmed the extension during his Budget announcement.
The BBLS is a Government-sponsored scheme, which permitted businesses influenced by COVID-19 to borrow money in specific circumstances. The Scheme is currently shut to new applications.
British Business Bank introduced the Recovery Loan Scheme on April 6th, 2021 (valid till December 31st, 2021), as a new debt finance scheme to replace the existing ones.
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This article focuses on the various ways individuals in the UK can cut their income tax bill on their investment profits. They include National Savings and Investments (NS&I), Individual Savings Accounts (ISAs), Junior ISAs, Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Venture Capital Trusts, Self-Invested Personal Pensions (SIPPs), and Small Self-Administered Schemes (SSASs).
This article has been intended to give an overall thought of income tax of your state benefits. In 1908 the initial state pension was presented to the United Kingdom. Social Government’s monetary help brought this concept, and it is ongoing till now.
According to the Office for National Statistics, the United Kingdom’s consumer increase in price reached 7% last month, exceeding economists’ prognostications for the sixth month in a row.
In this article, we’ll disclose all you want to be aware of tax relief on your pension contributions in straightforward, regular terms.
This article serves as their guide on computing self-employed income tax rate, determining what tax allowances they may be eligible for, familiarizing the income tax rates and bands for the previous and current tax years, and filing their income tax return.
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