Unless the Chancellor makes an announcement to the contrary on 23 March, which is very unlikely, the rates of National Insurance Contributions for workers and employers increase by 1.25% from 6 April 2022. This is to provide extra funding for health and social care and will become a separate Levy from 2023/24. The starting thresholds…
Category Archives: Blog
17
Mar
Mar
At Saint & Co we work with clients all along their journey, whether they’re just starting out, an established business or a private individual. We have a full range of accounting, tax, and business advisory services to help our clients improve, streamline and grow their business and personal finances. We’ve earned a reputation for honesty,…
16
Mar
Mar
HMRC are encouraging more employers to payroll employee benefits in kind rather than declaring benefits on the end of year P11d forms. If employers haven’t already done so they should register online with HMRC on or before 5 April 2022 to payroll employee benefits for the upcoming 2022/23 tax year. The advantages of payrolling benefits…
14
Mar
Mar
For every £2 that your adjusted net income exceeds £100,000 the £12,570 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,140 adjusted net income. CONSIDER A SALARY SACRIFICE SCHEME Another…
11
Mar
Mar
Your business year end, not 5 April, is relevant for capital allowances purposes. If, however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). The AIA provides a 100% tax write…
10
Mar
Mar
Our previous blog gave an outline of the ARG grant and what eligible businesses can receive https://www.saint.co.uk/additional-restrictions-grant-arg/ Applications for most Cumbrian councils are still open. For details on how to apply contact your local council: Allerdale: applications closed 18 February Barrow: applications close on 18 March https://www.barrowbc.gov.uk/coronavirus/financial-support-for-business-and-residents/additional-restrictions-grant/ Carlisle: applications close on 18 March https://www.carlisle.gov.uk/news-and-events/business-support Copeland: applications close on 18…
10
Mar
Mar
Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%. That reduced rate applied from 15 July 2020 until 30 September 2021 when the rate was increased to the current 12.5%. However, the rate is scheduled to revert to the normal 20% rate from…
08
Mar
Mar
HMRC policy on early termination fees and similar payments is changing from 1 April 2022. HMRC now considers that some charges made by businesses to their customers to withdraw early from agreements to supply goods or services are payments for a supply and so liable for VAT at the rate of VAT that the goods…
04
Mar
Mar
The Statutory Sick Pay Rebate Scheme will close on 17‌‌‌ ‌March‌‌‌ ‌2022. Employers will have until 24‌‌‌ ‌March‌‌‌ ‌2022 to submit any new claims for absence periods up to 17‌‌‌ ‌March‌‌‌ ‌2022, or to amend claims already submitted. Employers will no longer be able to claim back Statutory Sick Pay (SSP) for their employees’ coronavirus-related absences…
03
Mar
Mar
Established for over 130 years, Saint & Co is one of the largest accountancy firms in Cumbria. We are seeking an Accounts Technician for our Whitehaven Office. The ideal candidate will be conscientious, self-motivated and have significant accountancy practice experience. The role will involve all areas of accounts preparation for both incorporated and unincorporated businesses,…