Author Archives: Jane Maclachlan

130% super-deduction for investing in new plant continues

plant and machinery

Many businesses may have been too short of cash to take advantage of the new super-deduction for investing in new plant in 2021 but may be more confident about investing in 2022. This tax break, which started on 1 April 2021 continues until 31 March 2023, allows companies to deduct 130% of the cost of…

£1 million annual investment allowance still available

Second hand plant and machinery does not qualify for the 130% super-deduction but would still qualify for the 100% Annual Investment Allowance (AIA). The amount of expenditure qualifying for 100%  tax relief was originally scheduled to revert to just £200,000 from 1 January 2021 but will now continue at £1 million until 31 March 2023….

Surprise HMRC Bailiff visits

Although the Covid pandemic is not over, HMRC’s bailiff teams have recommenced debt collection visits again after temporarily pausing these. Unfortunately, HMRC bailiffs (field force team) can visit even when there is no outstanding tax debt.   For example, if an amended return has been filed that reduces the tax due, but this hasn’t been processed…

Making Tax Digital for VAT Webinar

Is your business VAT registered and below the VAT threshold? From 1 April 2022 Making Tax Digital for VAT (MTDfV) becomes mandatory for VAT registered businesses below the VAT threshold (currently £85,000).  This will change the way you file your VAT returns and means you will need to file VAT returns directly from MTD compatible software. Within…

Time to pay self-serve limit remains at £30,000

Following our blog ‘Easing the self assessment income tax payment pain’, we  want to remind taxpayers that it is possible to set up a self-serve time to payment arrangement with HMRC if you are unable to pay your self assessment bill. The limit for a self-serve time to pay arrangement, which was increased during the…

New Year, new opportunities

In his Spring 2021 Budget the Chancellor announced that there would be 8 “Freeports” in England with generous tax breaks to encourage businesses to set up and invest in those areas. The devolved governments will also be announcing locations in Scotland, Wales and Northern Ireland in due course. The proposed locations of the freeports can…

Omicron Grants for Scottish Businesses

Many of our clients are now asking what grants they might be entitled to, when they are available and how much they might receive following the Scottish Government announcement just before Christmas regarding grants available to the hospitality and tourism sector. Here is a link to our previous blog giving a brief outline of the position https://www.saint.co.uk/new-financial-support-for-the-tourism-and-hospitality-sector/…