HMRC have now confirmed that the fifth SEISS grant will be available from late July 2021. The fifth grant will be taxable, paid in a single instalment and will cover May 2021 to September 2021.
It is a well-known fact that starting a pension earlier in life will help create better retirement outcomes later. However, the focus of this blog is about planning as early in a tax year as possible. There are many benefits to doing this, in particular it allows individuals to recognise what opportunities they may have for making pension contributions and spread the cost (and the investment risk) over the year.
Business Owners will most likely be aware of the important Inheritance Tax (“IHT”) relief currently available on the value of their businesses. Business Relief (“BR”) can relieve the full value of the business and it has long been recognised that the policy objective behind the relief is to prevent the breaking up or sale of businesses on death. Whilst this may be hugely advantageous for all businesses, the benefit is perhaps most keenly felt by family businesses where the legacy is as much about heritage and history as it is about a continuing trade.
In a bid to support UK business growth and employee retention, the government has announced they will be reviewing the HMRC approved Enterprise Management Incentive (“EMI”) share scheme with a view to making EMI accessible to more businesses.
As we approach the end of the 2020/21 tax year, we will shortly be in the P11D reporting window for employee benefits. While completing P11Ds may be something that you have done for as far as you can remember, it may be worth considering moving to the Payrolling Benefits scheme from April 2021 to streamline and simplify your employee benefit reporting.
Since the Coronavirus Job Retention Scheme (CJRS) was first thrust upon us just over 10 months ago, it has acted as an unprecedented support mechanism in helping employers and employees across the whole of the United Kingdom cope with the uncertainty in surviving as a business whilst also retaining employees in their jobs. Although all jobs have not been saved, thousands of jobs, have thankfully been saved due to the scheme.