Premier Accounts Blog

An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to.  But with Brexit, temporary...

Allowable expenses and allowances in 2021/22. If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.  By deducting these allowable expenses as part of calculating...

A million businesses need to have digital links in place to submit VAT returns and comply with phase two of Making Tax Digital (MTD) for VAT. All VAT-registered firms have until their first VAT return period, starting on or after 1 April 2021, to put digital links in...

Investment in the UK’s manufacturing sector is poised to rise as a result of the capital allowances super-deduction.  The super-deduction enables companies that invest in qualifying new plant and machinery to benefit from a 130% first-year capital allowance. The...

How might the big freeze affect you? Traditionally, most people get nowhere near breaching the pensions lifetime allowance, but that’s likely to change over the next five years. The lifetime pensions allowance is currently £1,073,100. In his Spring Budget on 3 March...

COVID-19 prompts high demand for UK holidays. Owning and letting out a holiday home, otherwise known as a furnished holiday let (FHL), has always been a popular way of investing and earning income. Not only do FHLs enjoy many tax advantages over normal residential let...

More help for the self-employed has been announced, with the final two income support grants available until the end of September 2021. The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1...

The year-long business rates holiday in England has been extended for another three months, until the end of June 2021. Eligible retail, hospitality and leisure businesses will then pay a third of their normal charge for the rest of the financial year. A maximum...

What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years. With the financial fallout from COVID-19 over the last year...

What’s ahead for companies, from rate rises to Making Tax Digital. For the past 40 years or so, corporate tax rates have decreased steadily around the world. In 1980, the global average stood at around 40%, but by the end of 2020 it was closer to 24% as various...