Capital Allowance Super-Deduction explained The Treasury announced on 3 March 2021 the introduction of a 130% Capital Allowance super-deduction as well as 50% first-year allowance (FYA) on special rate (SR) assets. These are just one of many incentives the UK government has used to improve business investment, so let’s take a comprehensive look at […]
Health and Social Care Levy: Why are National Insurance rates increasing? WIM Accountants summarises the tax increases brought with the Health and Social Care Levy Bill 9 September was a day that shocked the nation, particularly lower-earning taxpayers when the Prime Minister announced a tax increase. National Insurance rates are set to rise along […]
Wrap your head around PAYE We’ve all seen the words PAYE pop up on our payslips, but how many actually know what PAYE means and how it works? Introduced in 1944, the ‘Pay As You Earn’ system is a method used to pay income tax and National Insurance Contributions (NICs) to HMRC from your […]
SME vs RDEC: What should you claim under? If you’re planning on making an application for Research and Development (R&D) Tax Credits, you need to know the differences between the two schemes available: The Small-Medium Enterprise (SME) scheme The Research and Development Enhanced Credit (RDEC) scheme Depending on the size of your company the nature […]
Insights: The Construction Industry Scheme Our accounts and bookkeeping assistant, Ashleigh, takes a look into what exactly the Construction Industry Scheme (CIS) is, who needs it, and how qualifying individuals can register. What is CIS? The Construction Industry Scheme (CIS) is a government scheme that requires contractors to deduct money from a subcontractor’s pay […]
Kickstart Scheme – What’s the fuss? The consequences of COVID-19 and the subsequent lockdown that was put into place in March 2020 were massive for Britain (and indeed the rest of the world), but no demographic may have felt harder done by this event than those aged 16-24. With the real GDP reduction achieving heights […]
Do Dentists need Accountants? The short (and unbiased) answer is yes. The more detailed answer is based on the premise that dentists need an accountant that understands the intricacies behind dental funding, pensions, and general practice. Associate dentists tend to find themselves in a unique spot when it comes to accounting. The majority are in […]
Tax Reducers – Fact or Fiction? “I wish I was paying less tax” is probably a thought that has crossed the minds of many of us at least once in our lifetimes, and it would not be a surprise at all if many were resigned to that thought. It may come as a welcome surprise […]
Your guide to EMIs Enterprise Management Incentive (EMI) schemes are great for keeping and encouraging employees by awarding significant tax benefits to both company and worker. Typically, you may see EMIs being used as a tax-efficient tool to aid with a company’s internal growth (such as bringing up key workers to have a stake in […]
Tax-Exempt Benefits: What are they and how do they work? A significant number of employees will find that they receive non-cash benefits as a part of their remuneration often in the form of company cars, loans, mobile phones, private medical insurance, or contributions to a pension scheme. For the most part, an employee will […]
I’m a Sole Trader and I’ve made a loss in opening years; can I claim relief? A sole trader or an individual in a partnership making a loss has zero taxable profit for the year. Keeping in mind that losses are calculated in the same way as profits, loss relief is an option for […]
Car Benefits: Your 2021/22 Tax Guide Car benefits are a topic which is often brought up in enquiries with our clients, so this article will go over some concepts in the interest of tax planning for the acquiring cars through businesses. Generally, when a business owner uses their own car in the interests […]