Small Business Accountancy Blog From RIFT Accounting in Kent

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  • National Insurance For The New Tax Year: April 2021-2022

    National Insurance For The New Tax Year: April 2021-2022

    So what is National Insurance and why do we pay and who pays? National Insurance was originally introduced in 1911 as a contributory system of insurance for those who could not work due to illness and unemployment and later retirement pensions and other benefits were also covered. National insurance has evolved further over the next 100 years, but still remains similar to its original roots, and pays for certain benefits and the state pension. Not until you reach the state retirement age will you stop paying National Insurance.

  • Salaries and Dividends For The 2021/22 Tax Year

    Salaries and Dividends For The 2021/22 Tax Year

    If you operate your own UK limited company you will probably want to use the tax planning strategy of extracting money from your company through a combination of dividends and a low salary to ensure you optimise your tax.

  • BUDGET – March 2021

    BUDGET – March 2021

    On Wednesday, March 3rd 2021 the Chancellor of the Exchequer delivered the government’s Budget for 2021. The Chancellor announced extensions to current COVID-19 schemes, alongside additional support for individuals and businesses, which included extending the Coronavirus Job Retention Scheme until the end of September 2021, alongside other measures. We have summarised some of the key measures for below, including details about tax rate changes.

  • Reverse VAT for the construction industry

    Reverse VAT for the construction industry

    We talked about the new “reverse VAT” system for CIS construction work back in 2019. Now we’re getting closer to the revised new date of 1st March 2021 kick-off date, it’s time to make sure all your Domestic Reverse Charge (DRC) ducks are in a row. Here’s what you need to know:

  • Trade with the EU is changing. Are you ready?

    Trade with the EU is changing. Are you ready?

    The Brexit transition period ends in January. Here’s how to prepare.

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