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Why choose HGH?

Taxation

5% reduced VAT rate for hospitality increasing on 1 October

Posted: 22nd Sep 2021 by Clair Watmore Blog

From 1 October 2021 to 31 March 2022, the temporary reduced VAT rate for the hospitality sector will be increased from 5% to 12.5% and will then end so that affected supplies revert to 20% VAT from 1 April 2022. VAT registered businesses in the hospitality industry will need to ensure that their tills and… Read more

How will the National Insurance and dividend tax increases affect me?

Posted: 10th Sep 2021 by Clair Watmore Blog

To help pay for the growing costs of health and social care, the Prime Minister Boris Johnson has announced a 1.25 percentage point increase to National Insurance and dividend tax from April next year.  Despite manifesto pledges not to raise National Insurance, the Government has said the unforeseen impact of the pandemic meant it faced… Read more

130% Super-Deduction Scheme: How Does Work?

Posted: 9th Aug 2021 by Clair Watmore Blog

The super-deduction £25bn tax break, announced earlier in the year by the Government, is intended to spur investment by providing 25p off company tax bills for every pound of qualifying spending on plant and machinery. What is it? Companies purchasing new and unused qualifying plant and machinery now qualify for a Super Deduction of 130%… Read more

Electric cards and vans: why switching could be beneficial

Posted: 19th May 2021 by Robert Salenius Blog

Electric vehicles are not only cheaper to run day-to-day – there are funding and tax incentives that come with switching to 100% electric vehicles. Companies that equip themselves with electric vehicles enjoy significant cost savings. So, becoming more sustainable not only makes sense from an ethical point of view; it is also a smart business… Read more

Tax Rates Cards 2021-22

Posted: 13th Apr 2021 by Clair Watmore Blog

Hunter Gee Holroyd have produced a Tax Card which summarises many of the rates and allowances fundamental to your business and personal lives. It’s a great point of reference throughout the coming tax year and contains lots of information on personal, business, employment, property and capital taxes, including any changes. Our guide contains information on… Read more

Get prepared: IR35 off-payroll working rules from April 2021

Posted: 16th Mar 2021 by Robert Salenius Blog

Big changes to the way contractors and those who work with them pay tax and National Insurance are coming this April. From April 2021, large and medium sized companies will need to check the employment status of their contractors where their services are being supplied through an intermediary, (usually a personal service company). You are… Read more

Budget 2021

Posted: 4th Mar 2021 by Clair Watmore Blog

The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’. With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021… Read more

Self Assessment late payment penalties waived until 1 April

Posted: 23rd Feb 2021 by Clair Watmore Blog

Self assessment taxpayers have an additional four weeks to pay tax or set up a payment plan without being charged a 5% late payment penalty, HMRC has confirmed. In light of the impact of the coronavirus pandemic, HMRC has extended the late payment penalty deadline for self assessment (SA) taxpayers until 1 April. Normally a… Read more

The VAT Deferral New Payment Scheme

Posted: 23rd Feb 2021 by Clair Watmore Blog

Any business that deferred VAT payments due between 20 March and 30 June 2020 as a result of the Coronavirus pandemic, must now consider how they will repay this outstanding tax. They can choose from the following options in order to do this: Pay the deferred VAT in full by 31 March 2021; Join the… Read more

Essential tax planning before April 5th

Posted: 18th Feb 2021 by Clair Watmore Blog

It is doubtful that HMRC will change the tax year end date. The current tax year will therefore come to an end on 5 April 2021. Which means that tax-payers still have two months (February and March 2021) to take advantage of any tax planning strategies that may advantage their tax liabilities for 2020-21. As… Read more