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05 Mar 2021Building back better
The pandemic has created a vast agile-working experiment that may permanently change the office environment. The past 12 months have seen companies scramble to put technology in place to allow employees to work remotely and to allow businesses to continue as normal, but it has also brought acceptance of this approach. -
04 Mar 2021Budget 2021: Companies to carry the tax burden for COVID-19 support to professional practices
The Chancellor previously commented that given the level of support provided to the self-employed during the pandemic, it was harder to justify the inconsistencies in national insurance contributions between people of differing employment statuses. This resulted in speculation of a possible alignment of national insurance rates paid by employed and self-employed individuals. If introduced, this could have represented a significant cost to self-employed individuals of professional practices in an LLP or partnership. National insurance rates, however, remain unchanged, along with rates of income tax and capital gains tax. There has been a small increase in the higher rate threshold for income tax and Class 4 NIC, together with a similar increase in the personal allowance for 2021/22. These thresholds will then be frozen until 2025/26, which will effectively increase the tax burden on many individuals over time. -
04 Mar 2021Budget 2021: Many changes for large and international businesses with new tax reliefs, investment incentives and an increase to the corporation tax rate
The increase in the corporation tax rate to 25% was the headline grabbing announcement and consistent with the Chancellor’s warnings that the pandemic support measures needed to be funded. The increase is expected to raise £17 billion in 2025/2026, although this also accounts for ‘behavioural changes’ as a result of various incentives according to the Government’s policy paper. -
04 Mar 2021Budget 2021: Real Estate sector to benefit from significant reliefs to incentivise investment in infrastructure
The Budget has focussed on investment in infrastructure as a way to bolster the UK economy. the further support for the real estate industry as a whole is very welcome. There are extensions to both the Stamp Duty Land Tax (SDLT) and business rates holidays along with significant tax reliefs available to those businesses investing in the new Freeports of the UK over the next 5 years. -
04 Mar 2021Budget 2021: Financial Services sector supported by new opportunities
There were a number of changes announced for businesses in this Budget. For the Financial Services sector this Budget provided several new growth initiatives to encourage investment into the UK. -
04 Mar 2021Budget 2021: Non-doms can rest easy for now
The Budget contained very little which should worry non-UK doms. Despite some initial predictions of capital gains tax (CGT) rate changes or reform to inheritance tax (IHT), few changes were announced in the Budget that will specifically impact non-UK domiciled or non-UK resident taxpayers. -
04 Mar 2021Budget 2021: The calm before the storm for individuals
Given the focus in this Budget on tackling Coronavirus by protecting jobs and focussing on economic recovery, the tax changes for individuals were largely limited to freezing specific allowances and tax bands until 2026. We know that a number of consultation papers will be published later this month, however, so it is possible there may yet be further changes to come. -
04 Mar 2021Budget 2021: A Budget designed to support growth and investment for entrepreneurs
The missing headline for entrepreneurs yesterday was the silence around changes to the capital gains tax rates. The Treasury may still make changes in the future, and they will not complain in the meantime if many entrepreneurs accelerate company sales, or trigger capital gains tax liabilities in advance of possible rate changes. What we did get was a Budget which encourages investment, gives a helping hand to loss-making companies, and tasks the profitable businesses with helping fund the costs of the Covid pandemic. -
03 Mar 2021Budget 2021: VAT and indirect taxes
The announcements on VAT and stamp duty land tax were primarily extensions to existing support measures. Hospitality and tourism businesses will continue to benefit from VAT cuts, which will continue until April 2022. The stamp duty land tax holiday for home buyers has been extended and tapered, fully returning to the standard rate in October 2021. It was also confirmed that the £85,000 VAT registration threshold will remain unchanged until 31 March 2024. -
03 Mar 2021Budget 2021: Business Taxes
The Chancellor has confirmed the Government's commitment to encouraging investment in the UK, introducing new incentives for capital expenditure and allowing accelerated relief for losses incurred by previously profitable businesses. But the Chancellor also expects businesses to pay their share of the tax burden; corporation tax rates are set to rise in the near future for bigger business. -
03 Mar 2021Budget 2021: Income tax
The Chancellor has followed the Conservative Party's manifesto promise not to increase the rates of income tax or national insurance contributions. Freezing the personal allowance and income tax rate bands from next year, however, will effectively increase the tax burden on many individuals over time. The pension lifetime allowance has also been frozen at its 2020/21 level. -
03 Mar 2021Budget 2021: Capital taxes
It had been widely speculated that the 2021 Budget would bring some level of reform to the CGT regime, but capital taxes hardly featured in the Chancellor's announcements. The CGT annual exempt amount will remain at it's current level until 5 April 2026, and IHT thresholds are also frozen until this date. -
03 Mar 2021Budget 2021: Payroll and employee incentives
The Chancellor's employment tax announcements provide continued support for COVID-related expenses and benefits for employees. The previously-announced changes to the Enterprise Management Incentive scheme and off-payroll working rules will be introduced as planned. These tax announcements come alongside an extension to the Coronavirus Job Retention Scheme. -
03 Mar 2021
Pension contributions - case study
In this case study, we walk through a client example of what end of tax year planning Alexander and Lucy should be considering, including: pensions contributions, ISA allowances, personal allowances, tax reliefs, charitable gifts and gift allowances. -
03 Mar 2021Weekly Tax Update 3 March 2021
The latest tax update and VAT round up for the week. -
03 Mar 2021Fast fashion and the legacy of a pandemic
03/03/21 - 2020 proved devastating for countless communities, industries and nations. The fashion retail sector has been hit hard, facing store closures and a drop in customers as more and more people were plunged into economic uncertainty. Notable casualties have included Oasis, Warehouse, TM Lewin, Edinburgh Woollen Mill, M&Co, Peacocks, Jaeger and, of course, Arcadia, owner of the Topshop brand. The Centre for Retail Research has estimated that UK retail administrations this year will have affected over 95,000 employees.