Roberts & Co

Roberts & Co is an accountancy practice in Hoddesdon, Herts. Visit our website for further information on the serivces we can provide you and your business.

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For a summary of some of the government measures announced to support small businesses and their employees, check out our #covid19UK update https://t.co/MUNcjjF7XA

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VAT registration threshold will remain at £85,000 until 2024 #Budget2021

[Roberts & Co @RAndCoAccounts]

Rishi's 'Super Deduction'! - for the next two years, companies can claim 130% of their spending on new machinery to reduce their tax liability #Budget2021

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VAT reduction for hospitality and tourism to 5% extended to September 2021, then 12.5% from October 2021 to March 2022, before returning to 20% #Budget2021

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Tapered tax-rate of Corporation Tax rate between £50,000 and £250,000 #Budget2021

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Corporation Tax increases from 19% to 25% from April 2023. Small profits rate kept 19% for businesses with profits below £50,000. Only businesses with over £250,000 will be taxed at 25% - a return of Marginal Rate Tax Calculations! #Budget2021

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Higher-rate tax threshold increases from £50,000 to £50,270 in April 2021 then also frozen until April 2026 #Budget2021

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An increase in the Personal Allowance to £12,570 in April 2021, which will be frozen at that higher level until April 2026. No planned increases in Income Tax, NIC or VAT #Budget2021

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Here comes the bad news.... #Budget2021

[Roberts & Co @RAndCoAccounts]

Stamp duty reduction extended from March to the end of June 2021. The nil-rate band then increases to £250,000 up to the end of September, and then reverts to the previous £500,000 threshold from October 2021 #Budget2021

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Restart Grants for closed businesses from April of up to £6,000 for non essential retail, with businesses in the hospitality and leisure sectors to receive up to £18,000 #Budget2021

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Business Rates Holiday for qualifying sectors will continue until June, and after that there will then be a two-thirds (66%) reduction. #Budget2021

[Roberts & Co @RAndCoAccounts]

The 5th grant covering May to July will require a review of turnover. If your turnover has fallen more than 30%, you'll get 80%, under 30% fall in turnover and you will get a 30% grant #Budget2021

[Roberts & Co @RAndCoAccounts]

Two new SEISS grants announced. The 4th Grant will cover February - April 2021 up to 80% of trading profits. The 5th and final grant opens in July to cover May 2021 - July 2021. SEISS will also now include 2019/20 tax returns #Budget2021

[Roberts & Co @RAndCoAccounts]

The National living wage will increase to £8.91 in April 2021 #Budget2021

[Roberts & Co @RAndCoAccounts]

£3,000 for each new apprentice hired between the 1st April to 30th September 2021 #Budget2021

[Roberts & Co @RAndCoAccounts]

CJRS will be extended until end of September at 80% of salary up to £2,500 until scheme ends. Employers will have to contribute paying 10% in July and 20% in August and September #Budget2021

[Roberts & Co @RAndCoAccounts]

HMRC has announced that Self Assessment taxpayers will not receive a penalty for filing their 2019/2020 tax return after 31 January, as long as they file online by 28 February.
However, the tax still needs to paid by 31 January #BetterLateThanNever

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@RishiSunak announces a six-month cut in VAT from 20% to 5% within the hospitality and tourism sectors to cover "food, accommodation and attractions" to support restaurants, pubs, hotels, cinemas and zoos etc #SummerStatement

[Roberts & Co @RAndCoAccounts]

Stamp Duty is immediately cut with no stamp duty to be paid on homes up to £500,000 (an increase from £125,000) which will apply from today up to 31 March 2021 #SummerStatement

[Roberts & Co @RAndCoAccounts]

In August, everyone will receive a "Eat out to help out" discount with 50% off takeaway and restaurant meals up to a maximum discount of £10 per person. The business will then be able to reclaim the discount amount from the Government #SummerStatement