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Recent Posts
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Chancellor Kwasi Kwarteng announces his ‘mini-budget’ with major tax cuts
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Key points of October 2021 Budget from the Chancellor’s Autumn Budget and Spending Review
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Self-Employment Income Support Scheme (SEISS) fourth grant – Applications must be made by 1 June
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New Stamp Duty rates for non-UK residents
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Highlights of 2021 Spring Budget announced by Chancellor of the Exchequer Rishi Sunak
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Make a Time to Pay arrangement or pay tax by 1st April to avoid Self Assessment Late Payment Penalties
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New rules for business travellers, cash declarations and on social security following UK’s exit from Europe.
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No late filing penalty for Self Assessment 2019-20 tax return filed until 28th February.
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Are you affected by coronavirus ‘reasonable excuses’ to meet Self Assessment deadline 31 Jan?
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New lockdown grants to support retail, hospitality and leisure businesses worth up to £9,000 per property
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CJRS (Furlough scheme) has been extended to end of April 2021
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NHS & Healthcare workers tax refunds – Claim tax relief for your job expenses now.
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Self-Employment Income Support Scheme (SEISS) third grant up to £7500: Applications now open
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Spending Review 2020 – National Living Wage will increase & NHS Doctors and nurses will get a pay rise.
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Some of the key points are summarised below:
Minimum Wage and Universal Credit
The living wage is to increase to £9.50 an hour from April 2022.
The taper rate in Universal Credit (UC) will reduce from 63% to 55%, as well as the work allowances in UC increasing by £500 a year.
Alcohol Duties
There will be wide reforms of alcohol duties. The number of main rates will be reduced from fifteen to six, with taxation levels based around the strength of the beverage. A small producers relief will be introduced from small brewers producing drinks with less than 8.5% ABV. A full consultation on these reforms will be run by Government. Duties on draft beer and cider are to be cut by 5%.
Motoring
Fuel duty will be frozen and the HGV levy will be suspended for a further year.
Business Rates
From 2023 there will be more frequent revaluations. These will now take place every three years.
Investment relief will be introduced to encourage business to make green improvements, with plant and machinery used onsite for renewable energy to be exempt from business rates altogether until 2035.
From 2023 every business will be able to make property improvements and for twelve months pay no extra rates.
Retail, Hospitality and Leisure relief, with over 90% of businesses in these sectors to receive a 50% reduction in their rates bill. A freeze in the Business Rates multiplier in 2022-23.
Corporate Taxation
The £1million investment allowance to be extended until March 2023. Planned changes/increases to corporation tax previously announced to go ahead.
Research and Development
Research and development relief to be expanded to include data and cloud costs. New requirements will be brought forward to try to focus investment in the UK.
Inflation
Inflation is forecast to reach 4% over the next year. The Chancellor noted that this was a global problem and does not have a simple solution.
Growth
Growth forecasts are better than expected. The OBR expects GDP to grow 6.5% this year and 6% next year.
The damage caused by COVID-19 was expected to result in a 3% overall hit to the UK economy. This has now been revised to 2%.
Underlying debt is forecast to peak at 85.7% of CPD in 2024. This year it is expected to be 85.2%.
Full details of the announcements can be found here
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Tags: Alcohol Duties, Autumn Budget, Business Rates 2023, Corporate Taxation, Growth, Inflation, Investment relief, Minimum Wage, Motoring, October 2021 Budget, Research and Development, Spending Review 2021, Universal Credit
Categories: Budget, Business & Self Employed, Business Support, Coronavirus Scheme, Money & Taxes, National Living Wage, Self-employed Income Support Scheme
Categories: Budget, Business & Self Employed, Business Support, Coronavirus Scheme, Money & Taxes, National Living Wage, Self-employed Income Support Scheme
