Biggest tax cut ever? The new super deduction explained
Described by the Chancellor as ‘bold and unprecedented’, the new 130% super deduction for expenditure on new qualifying plant and machinery was a key takeaway from the Budget earlier this year. But what are the terms and conditions? How does it sit alongside the usual rules on capital allowances? And is it the giveaway it’s… View Article
IR35 in the private sector: will you be affected by the new change?
Off-payroll working rules, known as IR35, are about to change in the private sector. From 6 April 2021, all public authorities and medium and large-sized clients will be responsible for deciding the employment status of workers (sometimes known as contractors). With the start date just around the corner, Nottingham chartered accountants Clayton & Brewill provides… View Article
Essential employer update 2021
From minimum wage rates rising to recruitment post-Brexit, 2021 brings a number of new challenges for employers. Here, Nottingham chartered accountants, Clayton & Brewill, shares an essential employer update on the latest issues in payroll, tax and employment law in 2021. Minimum wage: easy mistakes to make this year 1. Minimum wage rates rise from… View Article
VAT domestic reverse charge: your questions answered
Having been delayed to March 2021 as a result of the pandemic, the introduction of the VAT domestic reverse charge change for construction is now upon us. In this article, Nottingham chartered accountants Clayton & Brewill provides answers to the most frequently asked questions around the reverse change and highlights how you can prepare your… View Article
Business diversification: implications for tax
Responding to the challenges posed by COVID-19, many organisations have changed their core business in order to adapt to ever-changing lockdown restrictions. But whether you’re a florist making face masks or a farm shop starting home deliveries, it’s important to consider the tax implications that business diversification could have, as Nottingham chartered accountants Clayton &… View Article
IR35 changes fast approaching
The overhaul to the IR35 rules, postponed because of Covid-19, is fast approaching. For most off-payroll workers, it adds up to a big change to procedure from 6 April 2021. In this article, Nottingham chartered accountants Clayton & Brewill explains why the change is all about tax and employment status, and who makes the decision… View Article
The benefits of tax investigations protection
The cost of defending yourself against a HMRC investigation is potentially huge; even when the outcome of the enquiry results in no adjustments to your tax position, defence fees can be just as costly. It is therefore a more important time than ever to having tax investigations insurance in place, as Clayton & Brewill explains…. View Article
Making Tax Digital extended to SMEs
The government has confirmed that all VAT registered businesses will have to comply with Making Tax Digital (MTD) from 1 April 2022, with MTD for income tax delayed until 6 April 2023. Here, Nottingham chartered accountants Clayton & Brewill provides an update on the recent extensions. Businesses below the threshold In line with the government’s… View Article
Working from home: what are my tax obligations as an employer?
As we adjust to a more socially distanced post-lockdown world, figures indicate that many UK businesses – having seen the benefits of flexible, remote working – are now opting to ditch the office building and make home set-ups a more permanent arrangement. But the upsurge in homeworking brings certain tax obligations that employers need to… View Article
Domestic reverse VAT charge for construction on hold until 2021
The introduction of reverse charge VAT on construction services, which has already been pushed back to 1 October 2020, will now be introduced on 1 March 2021. The antifraud measure aims to eliminate the risk of a fraudulent supplier invoicing for work that it has allegedly supplied together with VAT, which it then fails to… View Article