Year End Tax Guide 2021-22 How to use this guide Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were furloughed, and the self-employed continued to rely on grants available via the income support schemes. Arranging your financial affairs as tax-efficiently as possible before the start of the new tax…Read more
Employment of someone to work in your home
Paying someone to act as your nanny, housekeeper or gardener may result in you being considered an employer. In turn, this may involve you needing to meet statutory employment rights and deducting any tax or National Insurance contributions from their wages. These obligations will not apply if: They are self-employed, or Paid through an agency.…Read more
Are you eligible for local authority grants?
A reminder that business in the hospitality, leisure and accommodation sectors in England may be due support funding from their local authority. Recently, local authorities were reminded by government that they needed to process grants quickly. Extracts from a letter sent to authorities is reproduced below: “As you will know, the spread of the Omicron…Read more
Self-employed tax twisters
We are often asked why a self-employed person is paying so much tax when their drawings from their self-employed business are minimal. The reason for this is that sole traders and partners (individuals) pay tax on the profits they earn not on the amount of cash they withdraw from their business. For example, consider Sue,…Read more