NIC Changes

Employees and the self-employed will not pay national insurance contributions (NIC) on the first £9,500 of earnings from 2020/21, a significant increase from the £8,632 limit in 2019/20. Note that employers will be required to pay 13.8% on earnings over £169 per week,...

No change to personal allowance or income tax rates

Personal Allowance The personal allowance for 2020/21 is frozen at £12,500, the same as in 2019/20. The higher rate tax threshold is also frozen at £50,000. Income Tax Rates The basic rate of income tax and higher rate remain at 20% and 40% respectively, and the 45%...

More Rates relief for Small businesses

There has again been much lobbying from the small business sector to reduce business rates to enable traditional retailers in particular to compete with internet traders. The Chancellor announced a long term review of the future of business rates, but in the meantime...

Quickbooks and Xero News

Both Quickbooks and Xero have just released (or are about to release) purchase invoice/receipt capture software, within their systems (Quickbooks version is called ‘Receipt capture’ Xero’s is called ‘Hubdoc’). These work by taking pictures (with smart phone or...

Things to be aware of on the tax front at the moment

Budget day is 11th March. The rumours are circulating about what the new Chancellor will announce in his budget and the feeling is that there will be some sort of tax increases on the horizon. Given that the current Government said they wouldn’t increase Income Tax,...