Companies:
Corporation Tax:
Corporation Tax treatment of losses will allow a business to carry back losses for 3 years up to 2 million.
Living Wage:
rises to £8.91 from April 2021.
Furlough Scheme:
The scheme extended till the end of September 2021 for employees. There will be no change as business reopen; they will be asked to contribute to paying employees' costs; nothing will change until July 2021, when the government will ask for a small contribution of just 10% and 20% in August September.
Help to grow schemes:
Register your interest Help to Grow Management and Help to Grow Digital. Grants are available; please go to
https//helptogrow.campaign.gov.uk
Vat:
Hospitality Vat of 5% will continue to the 30th September 2021 after that, there will be an interim rate of 12% for six months and will not return to 20% till April 2022.
The vat Threshold of £85k will remain till April 2020
Self Employed
SEISS grants will continue until September 2021. The 4th Grant is covering the period Feb 2021 to April 2021 and a 5th and final grant from May 2021 onwards.
The 4th Grant will provide 3 months of support at 80% of average trading profits.
The 5th Grant will provide 3 months of average profits with a system open for claims in late July 2021.
Newly self-employed:
If they have filed a tax return by midnight 2nd March 2021 for the tax return, 2019/20 can now claim the 4th and 5th Grant.
Personal Tax
No increases in PAYE Tax, NI or Vat
There will be an increase in your tax in the long term as the government puts the following in place.
Universal Credit £20 a week boost will continue for another six months.
Other Taxes and News
New HMRC Taskforce:
The government will be attacking Fraud for the covid scheme with a 100 million pound with a new HMRC Task-force with 1000 investigators. Further investment and changes in HMRC are coming to clamp down on Fraud and invasion.
New Recovery Loan Scheme:
The new loan replaces the Bounce Bank Loan and the CBILS. The new recovery loan scheme will offer loans from £25k to £10m up to the end of the year, with the government providing lenders with an 80% guarantee.
Home Buyers:
Guarantee Scheme to offer 95% loans to first time buyers. A new scheme to allow people to get on the property ladder with a 5% deposit. The new policy will give those who do not have large amounts of money and the opportunity to move from renting to buying a government guarantee scheme.
Duties:
There is no increase in Duty on fuel and alcohol.
Savings:
Green Bond is a new type of account that will allow UK Savers to use their savings to help environmentally - focused projects get off the ground. The bond will be through the National Savings and Investments NS & I during the summer of 2021.
HouseTree Business is proud to be the previous winner of the ICB Global Luca Award for Best Small Practice UK at the prestigious ICB Luca Awards held at the London Baftas. The company has been shortlisted for five years and has attended the awards at The Dorchester - Whitehall Banqueting Hall- Savoy - The Foreign Office London.
We are based in Glasgow and Bearsden. We provide accountancy, bookkeeping, payroll services, tax, funding, exporting business support and help to all surrounding areas.
Sarah Douglas C.FICB
Sarah is a Companion Fellow member of the Institute of Certified Bookkeepers since 2001 and has recently qualified as a Finance of International Trade Specialist with the Institute of Export and International Trade. Since 1989, after sitting her IATI exams in Dublin, she has worked in bookkeeping, IT and accountancy for 28 years. She is an ICB, IOE and the Glasgow Chamber of Commerce member.
Before Sarah started the company 20 years ago, she had employed experience in management, accounts, IT, stock Control and Catering Management. Working for companies Kodak, Sanofi Winthrop and Sterling Roncraft Group in IT and it started Sarah's love for IT and Software.
Sarah is well known for Sage 50 advice on AccountanyWeb. She specialises in cloud accounting and is a partner with Sage Accountant, Xero, FreeAgent. Sarah is always looking for the latest software to help our clients.
Liz Needham FFA FFTA FIAB
Liz is our accountant and has worked in bookkeeping and accountancy for almost 25 years. She has been employed both in practice and private industry. Liz has invaluable experience from time working within the banking and government sectors.
Liz is a Fellow of the Institute of Financial Accountants. A Fellow of the International Association of Bookkeepers and a Fellow of the Federation of Tax Advisors.
Nicki is our head receptionist and PA and is there to help you when you give us a call.
Emily is our receptionist - PA and works with Nicki and is there to help you when you give us a call.
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