Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
Senga Prior
Tax Senior Manager
07 October 2021
Annual Investment Allowance (AIA) changesAIA provides full tax relief on qualifying plant and machinery in an accounting period subject to limits set by legislation. Currently the AIA limit is £1m but, assuming there are no changes in the Budget on 27 October 2021, this is set to reduce to £200,000 from 1 January 2022.
Ewan Bolt
Business Advisory Director and Head of Digital Solutions
24 September 2021
An extra year to prepare for MTD for Income Tax Self AssessmentHMRC has announced that businesses will have an extra year to prepare for the digitalisation of Income Tax, with Making Tax Digital for Income Tax Self Assessment now due to be introduced in April 2024.
Alexandra Docherty
Partner and Head of Private Client Tax
16 September 2021
Proposed changes to income tax basis periods delayed by a yearA new Government proposal, which will impact the tax position of unincorporated businesses, trusts and partnerships unless their accounting period is already aligned with the tax year end, has been delayed by a year. The proposal aligns with the Government’s plans for Making Tax Digital (MTD) for income tax, which has also been delayed by a year until April 2024.
Alexandra Docherty
Partner and Head of Private Client Tax
08 September 2021
A Budget in all but nameThe Prime Minister has announced a health and social care levy ahead of the Spending Review and Autumn Budget to be held on 27 October.
Senga Prior
Tax Senior Manager
28 April 2021
Fourth Self Employed Income Support Scheme grant now openThe fourth Self Employed Income Support Scheme (SEISS) grant for self-employed individuals affected by coronavirus restrictions is now open for applications, closing on 1 June 2021.
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