This was definitely a financial statement preparing for a general election. However, it is likely that there will still be another budget too in Spring 2024, ahead of the next general election. There weren’t huge changes announced so most of the tax increases are hidden and come from the tax thresholds being frozen at a... Read more » The post Autumn Statement Summary 2023 appeared first on Pillow May ..read more

This is the third statement of the year so we are getting rather used to writing these summaries! However, this one felt much more sensible than the previous announcements and applies to English & Welsh taxpayers only.  The main theme was a stealth increase in tax as all the thresholds remained fixed despite the high... Read more » The post Autumn Statement Summary 2022 appeared first on Pillow May ..read more

National Insurance The National Insurance threshold will rise in July 2022 so that it is in line with the personal tax allowance of £12,570.  However, this is the first time in my memory that tax or National Insurance thresholds have to be changed midway through a tax year so it will be interesting to see... Read more » The post Spring Statement Summary 2022 appeared first on Pillow May ..read more

The Autumn 2021 budget was mostly leaked beforehand so there were very few surprises.  UK taxation is now at its highest for 70 years but if the predicted economic growth is achieved, the chancellor hopes to reduce tax before the next election! We have only concentrated on the announcements for England. Personal Tax National Insurance... Read more » The post Autumn Budget Summary 2021 appeared first on Pillow May ..read more

The Spring 2021 budget was mostly about settling the economy so that the country could take full advantage of the predicted post COVID-19 recovery period and return to even better productivity than before.  We have only concentrated on the announcements for England. COVID-19 support The furlough scheme continues until September 2021 but from July 2021,... Read more » The post Budget Summary 2021 appeared first on Pillow May ..read more

Details are still being released of the business support but here’s what we know so far: Local Restrictions Support Grants Those businesses on the closed list will be eligible for a grant to support them every two weeks whilst they are closed, based on the business premises rateable value as follows: It is not yet... Read more » The post COVID 19 Support appeared first on Pillow May ..read more

Pillow May is very proud to announce that we are one of the first accounting firms in the UK to commit to making our world an even better place publicly. We decided after our fantastic trip to Cambodia and in light of recent events that we wanted to work with our clients in a brand-new... Read more » The post Accountants for Good appeared first on Pillow May ..read more

The Spring 2020 Budget finally saw the chancellor recognise the importance of small businesses to the economy.  Please read our summary below to see the key announcements that we feel most affect our clients: Personal Tax No changes to National Insurance rates paid by the employed and employers or to Income Tax rates. Class 1... Read more » The post Our 2020 Budget Summary appeared first on Pillow May ..read more

Self Employed and Working from Home – Expenses Guide We know that many of our clients have unique and complicated situations when it comes to working from home and it is not possible to give an example that neatly suits every situation, so this is just a general guide. For many small business owners, a... Read more » The post appeared first on Pillow May ..read more

If you are ever investigated by HMRC and employment status is found between your company and your end customer, then IR35 tax will be payable. This effectively means that PAYE tax and employer’s NI will be payable on the contract value at a much higher rate than corporation tax – and without any company operating... Read more » The post The latest IR35 case law appeared first on Pillow May ..read more