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Autumn Budget Announcement
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Autumn Budget Announcement

Chancellor Rishi Sunak delivered his Autumn Budget announcement in parliament today to outline government spending and plans for the future. In the Budget, Rishi Sunak set out measures to support the recovery of the UK economy following what has been a difficult year for many families and businesses. Although it was announced prior to the

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Autumn Budget
UK Government

Autumn Budget – What could be announced?

The Chancellor is due to announce his Autumn Budget to Parliament tomorrow. The Autumn Budget will be the second financial statement, following the Spring Budget earlier this year. Any tax changes announced will be in addition to the recent 1.25% National Insurance social care levy and the £20bn freeze in income tax allowances. What could be

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national living wage increase
Tax Updates

National living wage set to increase to £9.50 per hour

The Chancellor is set to announce an increase to the national living wage from £8.91 to £9.50 per hour. The national living wage is predicted to rise for workers aged 23 and over. Those below the age of 23 are paid the national minimum wage, which varies depending on age. The current rates are £4.62

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HMRC

Financial Institution Notices – Everything you need to know 

The UK government are in the final stages of implementing a new notice in the 2021 Finance Bill, which will allow HMRC to issue Financial Institution Notices (FIN’s). This notice will give HMRC the power to request information from financial institutions for the purposes of checking the position of a taxpayer, without the need for approval

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national insurance increase
Tax Updates

HM Treasury announces further tax consultations – how will you be affected?

Yesterday (23rd March)  the government published a series of consultations which outlined the plans to modernise Britain’s tax system, whilst rectifying flaws that cost £31bn every year. Here are some of the key announcements: Freelancers/self-employed to be taxed like employees The government will review the ‘pay-as-you-go’ system to start taxing self-employed workers in the same

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national insurance increase
Other

HM Treasury to reveal future tax changes – what can be expected?

Following the Chancellor’s Budget announcement earlier this month, HM Treasury will reveal documentation on future tax policies on 23rd March. HM Treasury are expected to announce information regarding technical administration of the tax system, such as moving online. However, Rishi Sunak could potentially announce a number of possible tax changes. In the Budget, Chancellor Rishi

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Coronavirus Updates

Freelancers to benefit from £1bn in tax rebates as the government announced an emergency extension to ‘loss carry back’ rules

As the government announced an emergency extension to the ‘loss carry back’ rules in the Budget earlier this month, thousands of small business owners who have lost money, due to the coronavirus pandemic, can claim more than £1bn in tax rebates. Businesses now have the option to claim back profit and income taxes paid over

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national living wage increase
UK Government

2021 Budget Overview

Earlier this week the Chancellor outlined his plans to get the economy going again, following the impact of the coronavirus pandemic. On Wednesday, Rishi Sunak announced the following: Furlough scheme extended until the end of September Self-Employment Income Support Scheme 4th and 5th grants confirmed Income tax thresholds frozen until 2026 Stamp duty holiday extended

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national living wage increase
UK Government

Budget 2021 – what can be expected? 

This years highly anticipated Budget will be watched closely by many as Chancellor Rishi Sunak sets out the UK’s economic recovery, following the coronavirus pandemic. The Chancellor will outline the state of the economy and the government’s plan to either raise or lower taxes. The Budget will also forecast how the UK economy could perform

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UK Government

Stamp Duty holiday set to be extended until the end of June

Ahead of the Budget announcement next week, there has been a lot of speculation surrounding what the Chancellor is set to announce. According to media sources, Rishi Sunak is planning to extend the Stamp Duty holiday until the end of June. The current deadline for the holiday extension is 31st March. The Chancellor has been

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national insurance increase
UK Government

UK government urged to extend business rates holiday and VAT holiday ahead of Budget announcement

High streets have undoubtably struggled throughout the pandemic over the past year. Since the first lockdown in March, the government has provided support for businesses to try and prevent as many closures and job losses as possible. To support businesses during these challenging times, the government introduced a business rates holiday. Business rates were temporarily

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national insurance increase
UK Government

Bounce Back Loan borrowers now have the option to delay repayments

In a recent announcement, the government has stated that it will allow greater flexibility for businesses that took out Bounce Back Loans, as a means to get through the coronavirus pandemic. Those businesses now have the option to tailor their payments according to their individual needs. The Chancellor’s Pay as You Grow repayment plan will

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national living wage increase
Coronavirus Updates

Chancellor Rishi Sunak is set to announce details for the fourth Self-Employment Income Support Scheme grant in the March Budget

Chancellor Rishi Sunak is set to announce the latest details for the fourth Self-Employment Income Support Scheme (SEISS) grant, in the upcoming Budget on 3rd March 2021. The grant will take into account self-employed worker’s earnings from February to April 2021. The government has spent £13.7billion on SEISS grants since the pandemic began in March

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national living wage increase
UK Government

Chancellor’s March Budget could see Corporation Tax increase to pay for coronavirus deficit

Chancellor Rishi Sunak is said to be considering increasing corporation tax in the March Budget. Following the devastating impact from the coronavirus pandemic, the government now has an estimated £400bn deficit to pay off. The government has spent billions trying to support businesses and prevent job losses by introducing the Furlough Scheme and Business Support Grants.

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national insurance increase
UK Government

Chancellor announces government Spending Review 2020

Last week, Chancellor Rishi Sunak announced the government spending plans for 2021/22 in the latest Spending Review. The Spending Review sets out the departmental budgets and devolved administrations’ block grants for 2021/22. The coronavirus has had a huge impact on the UK economy this year, causing hardship for families and businesses across the UK. The

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UK Government

Calls for Stamp Duty Land Tax holiday to be extended

During the coronavirus pandemic the government introduced the Stamp Duty Land Tax (SDLT) holiday in England and Northern Ireland for residential properties purchased from 8th July 2020 to 31st March 2021. The reduced rates allow for people to purchase property under the value of £500,000 and pay no SDLT. With SDLT reduced rates set to

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UK Government

Chancellors Economic Statement to the House of Commons

Today in his speech to the House of Commons the Chancellor, Rishi Sunak announced his latest plans to help protect jobs amidst the ongoing coronavirus pandemic. Whilst the primary goal to protect people’s jobs remains unchanged, Mr. Sunak has confirmed that the way to approach this must change. Mr. Sunak has confirmed that the furlough

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national living wage increase
UK Government

Autumn Budget scrapped due to Coronavirus uncertainty

The Treasury have announced that the autumn budget, which was planned for October, has now been scrapped. This coincides with the recent announcements made by the Prime Minister, introducing stricter restrictions on England. The autumn budget, which would have laid forth a plan to potentially start recouping the costs of the pandemic, has been scrapped

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national living wage increase
UK Government

Summer Economic Update

This afternoon the Chancellor, Rishi Sunak announced a raft of new measures in his summer economic update. In a bid to restart the economy and save jobs Mr. Sunak announced the following measures; VAT Cuts The rate of VAT for the hospitality and tourism industries is set to drop from the standard 20% rate to

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UK Government

Unprecedented Funding Announced By The Government

During today’s coronavirus (COVID-19) briefing, Rishi Sunak, the Chancellor of the Exchequer, announced unprecedented funding designed to protect businesses and save lives during the ongoing pandemic. The government will step in to cover 80% of salaries, up to £2,500 pcm, for staff who cannot work because of the virus. The grant is intended to cover

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national living wage increase
UK Government

Further Measures Announced to Support Businesses hit by COVID-19

After his announcement in the budget last week, where Mr Sunak declared that he would do whatever it takes to support the economy through the disruption caused by coronavirus (COVID-19). On Tuesday he announced further measures to help support businesses affected by the global coronavirus pandemic. With an announcement of up to £350 billion of

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national living wage increase
UK Government

Spring Budget 2020 – Overview

Budget 2020 Rishi Sunak has delivered his first Budget speech as Chancellor and the first one for about 17 months. Amid the backdrop of a growing threat to the economy from the global outbreak of Coronavirus, here are the main tax changes announced. Personal Tax As we already knew, the personal allowance and basic rate

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UK Government

Research suggests that households in England could face council tax rises

According to research, from April households in England face further council tax increases. The County Councils Network said the majority of councils that run social care services would be raising council tax by the full amount allowed – 3.99%. But it said councils faced a funding shortfall of £19bn over the next five years and

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UK Government

Increased National Minimum Wage rates from April 2020

Nearly three million workers are set to benefit from the increases in National Living Wage (NLW) and minimum wage rates for young workers. Since its introduction in 1999, the NLW is a compulsory national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW). Generally,

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national living wage increase
UK Government

New Budget Set for 11th March

With yesterday’s announcement from the Chancellor Sajid Javid we take a look at what we can potentially expect to see. Manifesto Pledges One of the main pledges from the Conservative’s manifesto was an increase in the NI threshold from its’ current level at 8,632 to 9,500 and this could potentially be confirmed in this budget.

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UK Government

The government responds to the loan charge review

Christmas has come early for some of those with 2018/19 loan charge! Following the review of the loan charge, the Treasury has issued the government’s response. But how are the rules changing? Summary The loan charge applies where a taxpayer has previously been paid for services with a loan that is unlikely to be repaid.

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national living wage increase
UK Government

General Election – What are the main parties tax policies?

With voting for the General Election taking place on Thursday, what are the tax policies that have been pledged? We have outlined those proposed by the main parties that could affect you and your business. Conservatives. Having previously planned to reduce corporation tax to 17% from April 2020, the Conservatives’ have pledged to keep it

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UK Government

Employment Allowance is Changing from April 2020

Following draft legislation published by the government, the NI Employment Allowance for businesses will be restricted from April 2020. The legislation was subject to consultation in August however, this is not expected to have changed the main features.   What is Employment Allowance? Employment Allowance has entitled businesses, charities and amateur sports clubs to a deduction

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UK Government

Draft Finance Bill expected on 11 July

The government has announced it will publish draft clauses on 11 July 2019 for the next Finance Bill to follow the Budget in the Autumn. These draft clauses will principally cover pre-announced policy changes. Accompanying the draft legislation will be explanatory notes, impact notes and tax information, responses to consultations and other supporting documents. As

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UK Government

Budget 2018 Anti-Avoidance

The new assessment period for ‘careless’ offshore tax non-compliance will come into force from April 2019. Following the Requirement to Correct deadline passing on the 30th September, any non-compliance in offshore matters now face hefty penalties over 12 years. The IR35 rules are also being extended out to private sector and there will be corporation

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UK Government

Budget 2018 Business and Corporation Tax

The Chancellor’s key announcement was the introduction of a new Digital Service Tax, aimed at technology giants with a global revenue above £500m. A 2% tax will be payable on the revenue generated from the UK and is designed to make digital platform business pay a more appropriate amount of tax. There was also a

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