Countries across the globe are put to a pause as the worldwide COVID-19 outbreak creates a rift in the economy. Businesses of various industries and scales are under a dark cloud of confusion as hourly updates of restrictions on everyday life, travel bans, and the...
One of the biggest troubles of owning and managing a business is having to compute and pay for taxes. With everything you have to worry about when running your operations, you have to factor in the pay cut that goes above your efforts—which can be...
Accounting is paramount in any business process, no matter how big or small. The idea of clearly recording all financial transactions of a company can make a difference in the overall business success. After all, money is its lifeline. Unfortunately, some small business owners tend to...
No right-minded person wants to pay taxes more than what they are due. That’s why it is imperative to comply strictly with all tax requirements before deadlines to avoid paying penalty fees. Aside from following the timelines religiously, there are other ways to minimise your...
As one of the most essential pieces of financial documentation that British business owners encounter, the self-assessment form is a requirement that any successful professional must complete year after year— but can you possibly let an accountant take care of it for you? The importance of...
On 17 March, the Chancellor announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330bn of guarantees – equivalent to 15% of GDP. This was on top of a series of measures announced at Budget 2020, the government announced...
I have staff off due to coronavirus (COVID-19), what should I pay and what can I reclaim? We are receiving an extremely high number of calls in regards to paying employees statutory sick pay if they are off work due to coronavirus. We have put together...
Tax Rates 2020 2019/20 2020/21 £ £ Income tax rates: England and Wales only (non-dividend income) 0% starting rate for savings only (note 1) Up to 5,000 Up to 5,000 20% basic rate tax 12,501-50,000 12,501-50,000 40% higher rate tax 50,001-150,000 50,001-150,000 45% additional rate tax Above 150,000 Above 150,000 Scottish rates of income tax (non-dividend income) 19% starting rate 12,501-14,549 12,501-14,585 20% basic rate tax 14,550-24,944 14,586-25,158 21% intermediate...
Just one month into his new role as Chancellor of the Exchequer, Rishi Sunak has delivered his first Budget Statement promising 'historic' investment in roads, railways, broadband and scientific research, as the government tries to deliver on its promise to level up the UK. Ahead...
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