Janes Accounting | Blogs & Guidance | Top Tips

2 min

Restart Grants and Recovery Loans

Eligibility and how to apply As lockdown restrictions are eased, businesses may need help to re-open and to recover from the impact of the pandemic. Depending on the nature of the business, they may be eligible for a Restart Grant or a Recovery Loan. Restart Grants The Restart Grant Scheme provides support to help business that were required to close to re-open as lockdown restrictions are eased. The grants are available to businesses in non-essential retail and businesses in

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Jane Wu LLB ACA

3 min

Tax allowances frozen until April 2026

Tax allowances for income, capital gains tax, inheritance tax and more have been frozen until April 2026 to help meet some of the cost of borrowing during the pandemic. The financial impact of the Covid-19 pandemic is unprecedented and borrowing levels in 2020/21 of 16.9% of GDP represent the highest level of peacetime borrowing. To meet some of this cost, the Chancellor, Rishi Sunak, announced in the 2021 Budget that various thresholds and allowances would remain at their 20

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Super-deduction - plan your investments to take advantage

Jane Wu LLB ACA

2 min

Super-deduction - plan your investments to take advantage

To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window. If you’d like your company to benefit from the super-deduction, you’ll need to time your investments carefully. Super-deduction - 130% on new assets The super-deduction will allow companies to claim capital allowances of 130% for expenditure on new assets that would otherwise qualify for main rate (18%) plant and machinery capital allowances w

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Losses? The enhanced carry back could net you a tax refund

Jane Wu LLB ACA

3 min

Losses? The enhanced carry back could net you a tax refund

Take advantage of the enhanced carry back of losses Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the loss. To help loss-making businesses, legislation will be introduced to increase temporarily the period for which a business can carry back a loss from one year to three years. The extended carry back is avai

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Jane Wu LLB ACA

3 min

SEISS: Grants 4 & 5

Further grants for the self-employed. If you missed out on the first grants, you may now be eligible to claim. The Self-Employment Income Support Scheme (SEISS) has provided support for self-employed individuals whose business has been adversely affected by Covid-19. An extension to the scheme was announced at the time of the 2021 Budget. As a result, it will continue to provide support until September 2021. Three grants have already been made under the scheme. As a result o

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Landlords - deductible expenses you should know

Jane Wu LLB ACA

2 min

Landlords - deductible expenses you should know

As a landlord, the lower the taxable profit from your property rental business, the less tax you will pay. As allowable expenses are deducted from rental income to arrive at the profit figure, it is important that not to overlook any expenses which you have incurred and which can be deducted when working out your taxable profits. What is deductible? The general rule is expenses can be deducted in calculating the profits of your property rental business if they are incurred wh

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National Insurance: rates and thresholds for 21/22

Jane Wu LLB ACA

3 min

National Insurance: rates and thresholds for 21/22

2021/22 National Insurance Contributions - what you need to know. The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes. Self-employed The self-employed pay two classes of contributions – Class 2 and Class 4 – if their profits exceed the relevant thresholds. Class 2 contributions are payable at £3.05 per week for 2021/22 (unchanged from 2020/21) on earnings in excess of the small profits threshold, set at £6,515 for

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Jane Wu LLB ACA

2 min

Gift Aid

Beware if your income falls - HMRC could seek to recover the tax from you Where a Gift Aid declaration is made, the recipient charity can claim back basic rate tax on the donation. The donation is treated as made net of basic rate tax, meaning that for every £1 donated, the charity can claim back 25p, or to put it another way, a donation of £80 is worth £100 to the charity. There is good news for higher and additional rate taxpayers too – they can claim the difference between

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IR35 and off-payroll working – What to do from 6 April 2021

Jane Wu LLB ACA

3 min

IR35 and off-payroll working – What to do from 6 April 2021

If you provide services through an intermediary (company or partnership) here's what you need to know. Prior to 6 April 2021, workers who provide their services to a private sector organisation through an intermediary, such as a personal service company, need to consider whether the IR35 rules apply to them. This will be the case if the nature of the engagement is such that if they provided their services directly to the client rather than through their personal service compa

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Jane Wu LLB ACA

3 min

Made a mistake on your tax return?

You made it and filed your self-assessment return for 2019/20 by 31st January 2021. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. Can you do this and if so, how and by when? Yes, you can If you have made a mistake on your return, for example entered a number incorrectly or forgotten to include something, all is not lost. As long as you are within the time limit, the error can be corrected b

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Employed? How to claim tax relief on your on the job costs.

Jane Wu LLB ACA

2 min

Employed? How to claim tax relief on your on the job costs.

Are you claiming everything your entitled to? You might be able to claim tax relief if: you use your own money for things that you must buy for your job you only use these things for your work ( is the cost incurred "wholly, exclusively and necessarily in the performance of the duties of the employment") You will only be able to claim tax relief for costs you have suffered personally. You cannot claim anything your employer has paid for or if your employer has already reimbu

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Jane Wu LLB ACA

2 min

High Income Child Benefit Tax Charge

You may have to pay additional tax if you receive child benefit and have income over £50,000 You are entitled to child benefit if you have parental responsibilities for children under the age of 16. It's the governments way of acknowledging the significant cost of raising a child and adds up to a valuable benefit over the course of childhood. However, if you or your partner has adjusted income* of over £50,000 and one of you is receiving child benefit, then the higher earner

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Jane Wu LLB ACA

2 min

Self Assessment 101

What is it? Who has to do it? How do I go about it? Her Majesty's Revenue and Customs (HMRC) collects income tax from individuals via self assessment. In essence it is a form (or forms) completed either online or sent in on paper to declare all income received and calculate the income tax due. If you are employed or receiving a pension, income tax is normally deducted before it is paid in which case it is not normally necessary to complete a self assessment tax return. How

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Tax & Accounting Duties of a Company Director

Jane Wu LLB ACA

4 min

Tax & Accounting Duties of a Company Director

Are you a Limited Company Director? There are legal requirements you must keep towards both HMRC and Companies House for tax and accounting. Accounting & Statutory Accounts You must keep fit and proper accounting records so as to be able to produce annual financial statements and to prepare and file the Company Corporation Tax return. This means: all money spent by the company, all money received by the company, debts the company owes or is owed, stock the company owns at t

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Jane Wu LLB ACA

4 min

Starting a Business?

Thinking about working for yourself? Looking to turn a hobby or passion into an income? Is the time right to turn that great idea into a money spinner? Maybe your'e a professional moving outside of employment for the first time? Good for you! Here's a rundown of some things to consider. Where do I start? Write you idea down. Then start to expand on it by considering: The what, why, how and when of what your business does Your potential customers - who are they and how wi

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Jane Wu LLB ACA

3 min

Sole Trader vs Limited Company

What are the key differences between a Limited Company and a Sole Trader or Freelancer? If you are starting up a new business, this is one of the early decisions you will have to make so it's worth knowing a little bit about the key differences and what your responsibilities are as a business owner under each model. Liability As a sole trader you and the business are legally meshed. This means you are personally responsible for anything which might go wrong, including any de

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Jane Wu LLB ACA

1 min

Time for you with Xero

Xero really is beautiful software; here’s why we love it and we think you will too. Your business + Xero + a local Xero Silver Partner Chartered Accountant Here's why we think this is a match made in heaven No more boxes of receipts Xero integrates with all the best receipt scanning apps. Take a snap with your phone or mobile device and it’s done! It’s in the cloud Everything you need from your living room, office, coffee shop, bathroom… You can access all your data on the go

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Self-employed - 6 things not to miss for self-assessment

Jane Wu LLB ACA

4 min

Self-employed - 6 things not to miss for self-assessment

Top tips to get your tax return working for you and not against you 1. What do I have to do and when? The deadlines (following the tax year end 5th April) are: · Register for self-assessment by 5th October · Paper tax return by midnight 31st October · Online tax return Midnight 31st January (following calendar year) · Pay the tax you owe Midnight 31st January (following calendar year) But don't wait! – there are big advantages to getting ahead. You can file your tax return at

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Restart Grants and Recovery Loans

Tax allowances frozen until April 2026

Super-deduction - plan your investments to take advantage

Losses? The enhanced carry back could net you a tax refund

SEISS: Grants 4 & 5

Landlords - deductible expenses you should know

National Insurance: rates and thresholds for 21/22

Gift Aid

IR35 and off-payroll working – What to do from 6 April 2021

Made a mistake on your tax return?

Employed? How to claim tax relief on your on the job costs.

High Income Child Benefit Tax Charge

Self Assessment 101

Small business - MTD is coming

Tax & Accounting Duties of a Company Director

Starting a Business?

Sole Trader vs Limited Company

Time for you with Xero

Self-employed - 6 things not to miss for self-assessment

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