Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
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”.
11 March 2021
Budget 2021: Personal financesOn 3 March, Chancellor Rishi Sunak, delivered his “Budget for recovery”. Without doubt this was one of the most anticipated budgets in memory, with much speculation on how he plans to deal with the huge black hole of debt accumulated during the pandemic. Jennifer Duncan, Financial Planner, takes you through what you need to know about how this may impact your personal finances.
08 March 2021
MTD for VAT digital links deadline – is your business prepared?From 1 April 2019, Making Tax Digital (MTD) compliance became mandatory for most VAT registered businesses for VAT return reporting. HMRC implemented a soft-landing period for the first two years to 1 April 2021, meaning that some elements of the MTD legislation were relaxed – in particular, digital links. The time has come to make sure that your business is prepared and ready for the next phase.
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.
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.
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