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Budget 2021: dividend rate rises by 1.25%

In the Budget, the rates for dividend tax rises were confirmed from the new tax year in April 2022 to fund the social care levy, announced last month This measure increases the rates of income tax payable on dividend income by 1.25%. The dividend ordinary rate will be set at 8.75%, the dividend upper rate will be 33.75% and the dividend additional rate will be 39.35%. The dividend trust rate will also increase to 39.35% to remain in line with the dividend additional rate.
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How dividend tax rise hits small business owners

Some of the pros and cons of individuals paying themselves dividends from their company, as well as the risks involved The government’s recent announcement that it would increase both the dividend tax and National Insurance by 1.25% has been described as another blow to business owners, particularly those that are already struggling as a result of supply chain disruption, labour shortages and the ongoing impact of the pandemic.
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HMRC warning on risk of tax avoidance via umbrella companies

HMRC has updated its guidance for companies using temporary labour to reduce the risk of using an umbrella company that uses tax avoidance schemes Some umbrella companies are non-compliant and operate disguised remuneration schemes. These schemes claim to prevent certain payments made to workers from being taxable. They aim to do this by describing taxable earnings paid to a worker for doing their job as something that is non-taxable instead.
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Taxing cryptoassets: what you need to know

Holders of cryptoassets need to be aware of the tax implications, whether they are trading or mining. Here’s the latest HMRC guidance Bitcoin is probably the most well-known of cryptoassets, but the industry has come a long way since the first open-source Bitcoin was released in January 2009. The term cryptoassets now encompasses all types of cryptocurrencies and tokens.
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How to keep your mental health in check

This World Mental Health Day, advises how best to keep your mental health in check during uncertain times Facing the so-called ‘winter of discontent’ can leave many of us feeling confused and anxious about what’s to come, especially within the context of the past 18 months. There’s a real sense of trepidation towards re-adjusting to the longer-term implications of Covid-19, such as returning to the workplace and the looming wave of redundancies as the furlough scheme ends.
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Motoring expenses part 1 – recovering VAT on car purchases

Company car purchases fall under specific VAT rules which determine whether the liability can be reclaimed and strict business use only limits. Sarah Kay, technical writer, Croner-i explains the rules When a business purchases, imports or makes and intra-EU acquisition of a car an automatic restriction on input tax recovery may apply, ie, any input tax incurred is irrecoverable regardless of whether or not the car is used by the business to make taxable supplies.
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HMRC set to take action on £7bn furlough fraud

Mid-sized businesses should prepare for a flood of letters from HMRC as furlough draws to a close and the government looks to recoup a suspected £7bn of fraudulent Coronavirus Job Retention Scheme (CJRS) claims HMRC is ramping up activity now that its taxpayer protection taskforce is up to strength, following a recruitment drive to hire more than 1,200 investigators since March.
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Recent tax changes UK property investors need to know about

A number of changes to tax rules have added to compliance requirements for property owners and increased tax bills. In the Spring 2021 Budget, the Chancellor announced a wide range of tax changes with a strong emphasis on encouraging capital spending as a route to achieving recovery in the economy. Although changes to the corporation tax rate were announced, there was no increase in the capital gains tax (CGT) rate, however, this may be revisited in the future. Significant tax changes have been introduced in relation to the UK property market over recent years. These changes are likely to have impacted the majority of UK property owners, whether this be individuals or corporates, UK residents or non-residents and whether they hold the properties for investment or trading purposes. Below is an overview of some of the more recent changes that have been announced in relation to the UK property market.
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Mini umbrella companies go under HMRC spotlight

HMRC has issued updated guidance on the potential dangers posed to business and individuals by mini umbrella companies (MUC) in supply chains HMRC is warning every business which either places or uses temporary labour to be aware of the potential dangers posed to their business by mini umbrella companies fraud in their supply chain as a fraudulent supply chain can lead to reputational and financial damage to businesses, and employees may not receive what they are entitled to.
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IR35 changes

The IR35 changes which came into force on 6 April 2021 are a monumental shift for accounting and payroll teams across the UK
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