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Could Your Business Claim the 130% Capital Allowance Super-Deduction?

The SAS Accounting team regularly highlights tax schemes and allowances that seem to fly beneath the radar - and the super-deduction is one of the most favourable (yet under-utilised) tax incentives ever offered. As part of the drive to boost economic growth, from 1st April 2021, businesses can claim a capital allowance deduction of 130% against investments in plant and machinery. That means every £1 of investment receives a £0.25 government bonus, although the scheme is only valid for two yea...

May 16, 2022

Your April 2022 Tax Year-End Business Checklist

We've bumped and bounced our way to the end of another tax year - and getting ahead of your administration and accountancy tasks is a great way to start the new tax period as you mean to go on! The SAS Accounting team is always on hand to help and appreciate that it can be an overwhelming challenge if you're dealing with payroll returns, issuing P60s and filing self-assessment documents all at once. Our guide below lists all the steps you need to tick off your year-end tax list, whether that coi...

March 29, 2022

Calculating the Optimal 2022/23 Director's Salary

Although we've mentioned this briefly in our guide to Preparing for the 2022 Tax Year, we've created this more detailed post to explain how the ideal director's salary is calculated for the 2022/23 tax year. In the year ahead, the optimal payroll structure for company directors with the greatest tax efficiency is £11,908 per year, £992 per month or £229 a week. This figure was slightly different in the original SAS Accounting article but has been adjusted because of the changes anno...

March 29, 2022

Preparing for the 2022 Tax Year: Wage Increases, National Insurance & Balancing Director's Pay Structures

We're just a couple of short weeks away from the start of the 2022/23-tax year, and there are a fair few changes to be mindful of if you're planning your payroll or cash flow for the months ahead. SAS Accounting has collated a list of the enquiries we're receiving and wanted to address those key questions, centring on: National Minimum Wage and National Living Wage rates.Amendments to employer's statutory payments.Pinpointing the ideal director's salary rate for this tax year. With frozen income...

March 21, 2022

Making the Most of the UK Marriage Allowance

The news may be dominated by rising fuel, energy and cost of living prices, but there are several ways to streamline your tax liabilities and claim allowances to soften the blow. One under-utilised option is the Marriage Allowance, open to either married couples or civil partners, with a limit equal to 10% of your Personal Allowance - so £1,260 for the 2021/22 tax year. Today we'll run through how the allowance works and why it could save you up to £1,220 before we hit the end of the current t...

March 15, 2022

The Benefits of Cloud Accounting for Busy Businesses & Remote Working Teams

Although it seems (dare we say it!) that most UK business sectors are slowly returning to normal, we're also now accustomed to a far greater prevalence of remote working. Besides video conferencing and digital meetings, bookkeeping becomes somewhat trickier for fast-paced businesses when there isn't a dedicated accounts team member in the office every day. SAS Accounting has long advocated for cloud accounting for several reasons - not least that it makes admin tasks faster, more secure, and all...

February 17, 2022

The Countdown to MTD for VAT: Are You Ready?

While Making Tax Digital (MTD) has been postponed for income tax submissions, the 1st April 2022 deadline still applies for businesses registered for VAT. The change means that even businesses with turnover beneath the registration point (£85,000) need to file according to the digital tax legislation. This regulation has been compulsory for companies over the threshold since 2019. SAS Accounting has published a Making Tax Digital Checklist previously. Still, given the upcoming deadline, we thou...

January 14, 2022

HMRC Announces Greater Flexibility in 2020/21 Tax Returns

While self-assessment tax returns for the 2020/21 tax year remain due by 31st January 2022, HMRC has announced a series of measures to try and relieve some of the strain on businesses, which continue to be impacted by the pandemic. Although submission and payment due dates haven't changed, there is greater leniency for late payments, which may support thousands of self-employed businesses. However, the caveat is that while late payment penalties may not be payable, interest certainly is. If you ...

January 6, 2022

How to Account Correctly for Christmas Spending

As we come towards the end of 2021, it's undoubtedly been another difficult year for millions of UK businesses. While the pandemic hasn't yet dispersed, many employers and managers are keen to treat their clients and reward their staff, taking this festive period to celebrate their achievements and resilience. The media has demonstrated how vital it is to be mindful of Christmas events and celebrations. Still, for SAS Accounting clients, the focus will be on ensuring all gifts and seasonal items...

December 17, 2021

Preparing for Employment Costs in 2022

With multiple changes to tax bands, minimum wages and National Insurance contributions, the new 2022 tax year will require more amendments than usual for employers. In this guide, the SAS Accounting team explains some of the core changes to be aware of and factors to build into your workforce budgetary plans for the year ahead. Preparation, as always, is key, so please get in touch for further advice about any of the information included here or for assistance calculating the effects on your mon...

November 16, 2021

The Big News From the Autumn Budget 2021

The autumn budget was always going to focus on economic recovery, with Brexit and the Coronavirus pandemic in the background. With inflation hitting 3.1% in September and predicted to reach 4% over the next year per the Office for Budget Responsibility (OBR), many people and businesses are concerned about factors such as higher energy costs. Sunak's raft of measures on 27th October offers some good news, with potential reductions in business rates and 50% discounts for critical sectors - but the...

November 1, 2021

Guide to the National Insurance Contribution Increases from April 2022

Recent headlines have been dominated by the news of National Insurance increases and a new health and social care tax - but when will our contributions rise, and what does it mean for your business? Let's recap exactly what's changing, by how much, and when. If you need any support budgeting for tax increases or revising cash flow forecasts for the year ahead, please contact the SAS Accounting team for further assistance....

September 20, 2021

The Final Month of Furlough: How to Prepare Your Business

After a full year and a half, the Coronavirus Job Retention Scheme, or what's become universally known as furlough, ends this month on 30th September. While around three million people are now back to work, there remain many businesses that are just starting to resume normality. Many more companies have been taking advantage of flexible furlough, where staff work part-time and are on furlough pay for the remainder, which will also cease. In this guide, the SAS team summaries the key steps for em...

September 3, 2021

The Final Month of Furlough: How to Prepare Your Business

After a full year and a half, the Coronavirus Job Retention Scheme, or what's become universally known as furlough, ends this month on 30th September. While around three million people are now back to work, there remain many businesses that are just starting to resume normality. Many more companies have been taking advantage of flexible furlough, where staff work part-time and are on furlough pay for the remainder, which will also cease. In this guide, the SAS team summaries the key steps for em...

September 3, 2021

Making Tax Digital: Your Company Checklist

All UK businesses have doubtless heard of Making Tax Digital (MTD). While MTD isn't mandatory for all VAT returns until April 2022, the SAS Accounting team regularly hears from clients concerned about the endless reminders and wanting to know what they can do to prepare! The great news is that companies over the VAT threshold of £85,000 are already using MTD to submit their returns. That means many of the initial glitches have been ironed out. In this blog, we'll run through how MTD works and w...

July 20, 2021

Claiming Limited Company Owners Expenses When Working From Home

Over the last year, the work from home revolution has transformed the way many businesses operate. It's also common for limited company owners to put in extra hours away from the office or to operate primarily from home. Inevitably, that means some of your work is carried out at your private residence, which might be: BookkeepingPreparing correspondenceWriting reportsPaying billsA home workshop Whether you're a limited company owner working some of the time remotely, or a business owner with a h...

July 12, 2021

Back To Work: The Changes Ahead for the Furlough Scheme

The Job Retention Scheme seems to have been around forever, and something around eleven million workers have benefited from over the last few months. Now, furlough isn't suddenly falling off a cliff (the scheme runs until September 2021), but it is about to change. Here we've summarised how the initiative will start tapering off and what to plan for in the weeks ahead....

June 30, 2021

Help on the Small Business Road to Recovery

Aside from the slight stumbling block on the 'lockdown route map', most British businesses are now back at work or expecting to reopen in the next four weeks. However, the SAS Accounting team works with hundreds of small companies and sole traders, some of whom feel that they face a substantial mountain to climb to get anywhere back to pre-pandemic profits. If that sounds familiar - don't feel you're alone! There are vast amounts of anxiety across the sectors, with furlough support coming to an ...

June 17, 2021

Exploring the New Recovery Loan Scheme

Over the last year, we've seen a range of financial support initiatives, grants and loans. Those included the: Coronavirus Interruption Loans (CBILS and CLBILS)Bounce Back Loan Scheme (BBLS) As these programmes come to an end, many businesses have been left concerned about how they will manage the season ahead, with a great deal of time and investment required to recover from a year of little to no trade. The government has now announced the new Recovery Loan Scheme (RLS), replacing all these pr...

May 14, 2021

Finding The Balance - The Optimal Salary for Directors in 2021/22

Each tax year, directors need to make decisions about how to structure their remuneration. Typically, that includes a basic salary and dividends. The optimal salary depends on several factors:Whether they have additional income or employment.Their income tax bracket and applicable income tax rates.Whether they have passed retirement age.Dividend income tax rates.National Insurance rates for the tax year in question. In this article, the SAS team summarises the ideal salary for directors, per the...

April 22, 2021

New Rules Announced on Cryptocurrency Taxes!

Just before the start of this new 2021/22-tax year, HMRC announced changes to how crypto assets - those funds held in or earned through cryptocurrencies - are taxed. As a relatively new concept, there is a great deal of confusion about the legality and declaration requirements around crypto assets, so the SAS team has summarised how this works and what the changes are!...

April 13, 2021

Streamlining Remote Staff Management - Exclusive Offer for SAS Clients

One of the most popular services the SAS Accounting team offers is payroll processing. We appreciate that managing staff, calculating tax and National Insurance deductions, applying allowances and producing accurate, on-time reporting can be a substantial pressure for many businesses. We are continually looking at new ways to make your accountancy requirements faster, easier to manage, and more cost-effective. The SAS team opts for BrightPay as our software of choice for this service area. Strea...

March 16, 2021

How Can Businesses Pay Back VAT Postponed Due to the Pandemic?

While the gradual reopening of business sectors is great news overall, many companies have deferred VAT liabilities. They are now considering how they will get back on top of their finances when regular trading resumes. There are two options available, applicable to VAT deferred between 20th March and 30th June 2020: Pay the VAT owing now.Join the new payment scheme for deferred VAT. Here we'll run through how the two options compare to help our clients make sound judgements about the best way f...

March 8, 2021

Budget 2021 - The Key Announcements

Following yesterday's Budget, the SAS team has compiled this summary of the most significant announcements to help you see where this might impact your business and trading to plan for the coming months....

March 4, 2021

Latest News on Stamp Duty Holiday Extensions & Government Coronavirus Support Schemes - 15th February 2021

After weeks of speculation, this weekend we heard more indicative news that the Stamp Duty holiday, which saves buyers up to £15,000 on every UK property purchase, is likely to be extended for a further six weeks. Let's consider how this is likely to impact the property market and look at other funding and economic stimulus packages to get the latest updates....

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