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Merry Christmas from Cowley Holmes

December 17, 2021

Thank you for all your business in 2021 Wishing you all a Merry Christmas and a Prosperous 2022 CHRISTMAS OPENING HOURS: Please note the office will be closed on Thursday 23rd December at 12 noon to Tuesday 4th January.  During this period, messages can be left on our answer machine by calling 01234 355300 or email…Read More

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Christmas is the time for giving

December 16, 2021

Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget, However, like capital gains tax (CGT), the rules have remained broadly the same as last year. That means that each tax year individuals may make gifts of up to £3,000 in total and that amount is not included in…Read More

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Introducing Laura to our Team

November 19, 2021

We’d like to introduce and welcome Laura to the Cowley Holmes Team. Laura is our new Receptionist and she’ll be one of the first points of contact here at Cowley Holmes, over the phone and in the office. You’ll find Laura at the Reception desk up on the first floor. She’ll deal with the day…Read More

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National Living Wage

November 15, 2021

Among the announcements leaked before Budget Day was an  increase in the hourly rate for the National Living Wage (NLW) which was greater than inflation for those aged 23 or over, to £9.50 an hour. For an employee working a 35-hour week that would mean £17,290 a year. With the 1.25% increase in employers NIC…Read More

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Budget & Spending Review

November 11, 2021

On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review. Many of the spending announcements had already been leaked to the Press prior to Budget Day and arguably a lot of it was not new money. The Chancellor did however manage to keep a few surprises back for…Read More

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Making Tax Digital

October 18, 2021

MTD for Income Tax Postponed to 2024/25 Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy…Read More

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Capital Allowances on Plant in Residential Property

October 15, 2021

The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as the flats themselves are the dwellings not the building as a whole. HMRC have recently…Read More

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Planning Actions before the New Rates Commence

October 11, 2021

The announcement of the proposed changes more than six months before they take effect means that there is time to reduce the impact. Employees could consider agreeing a salary sacrifice arrangement with their employer, for example sacrificing their £5,000 annual bonus for an additional pension contribution paid by their employer. Such an arrangement would save…Read More

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Dividend Tax Rates Increasing from 2022/23

October 8, 2021

It is also proposed that there will be a 1.25% increase in the rate of tax payable on dividends received by those who own shares in companies. This would mean that after the £2,000 tax free dividend allowance the rate of tax would be 8.75% for basic rate taxpayers, 33.75% for higher rate taxpayers and…Read More

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1.25% Increase in NICs and Tax on Dividends to fund Health and Social Care

October 7, 2021

The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care. From April 2022 it is proposed that there will be a 1.25% rise in National Insurance Contributions (NICs) to be paid by both employers…Read More

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Last few days for CJRS “Furlough” Grants

September 20, 2021

The Government are pulling the plug on support to employers for furloughed staff at the end of this month as they anticipate that the economy will be back to normal by October. The grant claims for employees furloughed in the month of September are 60% of the employee’s usual pay up to a maximum cap…Read More

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Making Tax Digital coming soon for Income Tax

August 20, 2021

VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2023. The obligation to keep records in a digital format and report information quarterly…Read More

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Company loss relief can be claimed early

August 9, 2021

Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of…Read More

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Furlough Grant Reduces to 70% for July

July 2, 2021

For the month of‌‌ July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked. This is despite the fact that “Freedom Day” in England has been delayed four weeks to 19 July 2021, and now called “Terminus Day”. The government support to…Read More

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