Wow!

Ambassador Theatre Group (ATG) has revealed a first look at the new, multi-purpose entertainment venue, Swansea Arena, via a state-of-the-art digital fly-through, and brand-new CGI images.

It is expected to host 160 events and have 230,000 visitors each year.

Click here to find out more

Bridgend Council has revealed designs for a £1.8 million project that it hopes to build in Porthcawl.


The council wants to develop a new building with community facilities and space for shops and start-up businesses at land on Porthcawl seafront, known locally as 'Cosy Corner'.


Click here to find out more

The UK Government announced a new capital allowances relief. From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim:

  • 130% super-deduction capital allowance on qualifying plant and machinery investments
  • 50% first-year allowance for qualifying special rate assets


This super-deduction is designed to promote companies to invest in productivity enhancing plant and machinery. It is important businesses understand and take advantage of these generous new reliefs while they are available.


The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest, ensuring the UK capital allowances regime is amongst the world’s most competitive. There is no upper limit set for the expenditure, so as long the expenditure is incurred between 1 April 2021 – 31 March 2023. The enhanced relief also does not allow for plant and machinery that will be made available for leasing (including landlord fixtures within rented property) and excludes cars.

 

The pandemic has been a big blow for a lot of businesses, if you have been looking at equipment to help you grow, now may be the time to use this relief. If you are not sure on whether it is the right time to make a purchase, or if the equipment qualifies for the super-deduction relief, message us on nicola@crossaccountingservice.co.uk or if you would prefer to chat, call Cardiff: 02920 653 995 or Bridgend: 01656 530 063. Our team is always happy to help.

We are seeing a lot of restrictions being eased and it is the closest to normality for a very long time. The bonus of the sunshine is something to make the most out of. While we enjoy ourselves and plan for an entertaining summer, we should not forget about business. We should take steps in to planning on how to bounce back stronger.

 

As the country opens slowly and the opportunity arises to mingle with other business owners, you should make time to try and attend where businesses are likely to be. Nearer the end of 2021, we are likely to see trade fairs taking place, with all businesses on the same boat, getting the business name out there.  

 

If you do not have the budget or time to be a part of the trade show, then you should try and attend as a visitor. It will be a great way to connect and being a visitor will give you the freedom on your timing as you can leave when you feel like you have made the most out of the day. Who knows, you may even bump into some familiar faces, for a long-awaited catchup.

 

Our usual go to for these types of events are The Welsh Business Show, Zokit and Introbiz. Some may have updated dates for the events, some may be posting later. Keep an eye out on social media as we are sure there will be a buzz. Click here to look at what is out there with trade fairs https://10times.com/cardiff-uk/business-consultancy/tradeshows

 

To get your company to achieve the highest levels, you may need a hand by employing staff. This may seem a scary step to take, especially if this will be your first time employing someone. There are many things to consider. Due to the disruption of jobs during the pandemic, the government have introduced a Kickstart scheme. This scheme is to provide funding to create new jobs for 16- to 24-year-olds on Universal Credit.

 

It does not matter on the size of your business, everyone can apply. The funding will cover:

·        100% of the National Minimum Wage (or the National Living Wage depending on the age of the participant) for 25 hours per week for a total of 6 months

·        Associated employer National Insurance contributions

·        Minimum automatic enrolment pension contributions

Further funding is available for training and support so that young people on the scheme can get a job in the future.

 

More info on how to apply, please click here https://www.gov.uk/guidance/apply-for-a-kickstart-scheme-grant

 

If you already have staff, and are bringing them back in to work, remember the furlough scheme is flexible and available until 30 September 2021. You will have to contribute for any hours worked by your employees. From 1 July 2021, the level of grant will be reduced, and you will be asked to contribute towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your furloughed employees 80% of their wages.

 

 

June 2021

July 2021

August 2021

September 2021

Government contribution

80%

70%

60%

60%

Employer contribution for hours not worked

No

10%

20%

20%

Employee receives for hours not worked

80%

80%

80%

80%

 

You can continue to choose to top up your employees’ wages above the 80% for the hours not worked at your own expense. This is completely up to you and not a requirement.

 

Let us try and finish 2021 strong and push past this pandemic. It has been tough for everyone, but with planning and preparing, we can start looking ahead.

All the important rates and threshold for the tax year 2021/2022

 

National Minimum Wage


This takes effect from 01 April 2021 and all workers are entitled to.

 

Category of worker

Hourly rate

Aged 23 and above

£8.91

Aged 21 to 22

£8.36

Aged 18 to 20

£6.56

Under 18 (but above compulsory school leaving age)

£4.62

Apprentices aged under 19

£4.30

Apprentices aged 19 and over (but in the first year of their apprenticeship)

£4.30

 

Please note the age rate bracket has changed from previous years also.

 

PAYE Tax Rates and Threshold


These rates depend on the amount of income you earn.

 

Personal allowance

£12,570

Basic tax rate – 20%

£12,571 – £37,700

Higher tax rate – 40%

£37,701 - £150,000

Additional tax rate – 45%

£150,000+


Employment Allowance

 

Employment Allowance allows eligible employers to reduce their annual National Insurance liability by up to the annual allowance amount.

 

Employment Allowance

£4,000

 

Statutory Sick Pay (SSP)

 

The same weekly SSP rate applies to all employees. However, the amount you must actually pay an employee for each day they’re off work due to illness (the daily rate) depends on the number of ‘qualifying days’ they work each week.

 

Number of qualifying days in week

1 day to pay

2 days to pay

3 days to pay

4 days to pay

5 days to pay

6 days to pay

7 days to pay

1

£96.35

 

 

 

 

 

 

2

£48.18

96.35

 

 

 

 

 

3

£32.12

£64.24

£96.35

 

 

 

 

4

£24.09

£48.18

£72.27

£96.35

 

 

 

5

£19.27

£38.54

£57.81

£77.08

£96.35

 

 

6

£16.06

£32.12

£48.18

£64.24

£80.30

£96.35

 

7

£13.77

£27.53

£41.30

£55.06

£68.83

£82.59

£96.35

 

Dividend Allowance


You also get a dividend allowance each year. You only pay tax on any dividend income above the dividend allowance.

 

Dividend Allowance

£2,000


Mileage Allowance


The allowed deductible rate per mile for business use.

 

Type of vehicle

Rate

Car

45p (for the first 10,000 business miles, then 25p for each subsequent mile)

Motorcycle

24p

Cycle

20p