Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
Craig Burnie
Tax Director
16 March 2021
Budget 2021: Corporation Tax changesOne of the biggest announcements in the Budget on 3 March 2021 was the news that the main rate of Corporation Tax will increase to 25% from 1 April 2023. Alongside this announcement was the introduction of a small profits rate of 19% to “provide protection to the smallest businesses”.
Alexandra Docherty
Tax Partner
03 March 2021
Budget 2021: Tax administration for income taxUpcoming changes to income tax penalties were announced in the Spring Budget. Due to come into effect from 6 April 2023, these will ease the pressure on those experiencing short term payment difficulties.
Michael Murray
Construction & Property Incentives Partner
03 March 2021
Budget 2021: Construction and Property IncentivesDescribed by the Chancellor as “the biggest business tax cut in modern British history”, a super deduction was announced in the Budget allowing companies to cut their tax bill by up to 25p for every £1 they invest in qualifying plant and machinery. This is a positive move from the Government which will position the UK’s Capital Allowances regime as one of the most competitive in the world. Business rates relief for eligible retail, hospitality and leisure properties in England will also continue.
Max Chassels
Tax Director
02 March 2021
Chancellor faces tough decisions if optimism is to spring from March BudgetOn March 3, the Chancellor will map out the next phase of the UK Government’s COVID-19 recovery strategy in his Spring Budget - the question is: which areas will be used to plug the huge spending gap the pandemic created or will he choose to invest further to stimulate growth and put tax rises on hold? And how will it affect the local economy in the North East?
Andrew McMillan
Tax Director
02 March 2021
Hope for Dundee as innovation likely to figure high in Rishi’s recovery plansAfter spending £280bn on the government’s response to the pandemic and pledging a further £55bn this year there is no doubt that Rishi Sunak will be looking to plug the funding gap. Dominating the headlines has been the introduction of levies or taxes that will target the industries that have done well out of COVID-19, such as online retailers and the supermarkets.
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