As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021. But we now have all the details and, as usual, there is much to consider.…
Category: Budgets
VAT - Second-hand cars - using the Margin Scheme
If you sell second-hand vehicles and you were not charged VAT when you purchased the vehicle, using the Margin Scheme will save you money. If you did not use the VAT Margin Scheme, you would have to account for VAT on the full selling price…
Budget Summary - March 2021
More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following Budget summary is split into four sections: COVID-19 related support measures for UK businesses Support for…
The end is nigh…
In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021. The UK’s tax code is predominantly time-limited. Any reliefs and exemptions from UK taxes for 2020-21 will mostly expire at the end of the tax year. Accordingly,…
New national lockdown and changes to business support measures
The Prime Minister, Boris Johnson speaking at a press conference on Saturday night, 31 October 2020, confirmed widespread expectations of a second national lockdown in England to help stem the growing resurgence of the coronavirus. The Government was faced with significant concerns that if they…
Redundancy pay
If you are faced with making employees redundant, the terms that determine the amount payable may be written into your staff contracts of employment. Otherwise, employees will normally be entitled to statutory redundancy pay if they have been working with you for two years or more.…
Keep an eye on the numbers
Recent economic forecasts for 2020 published by HM Treasury will do little to inspire business confidence. In their comparison of independent forecasts published last month the unemployment rate is estimated to rise to 8% and in the same period, GDP falls by 9%. The only…
Latest Government Support Measure - Bounce Back Loan Scheme Announced
The Chancellor, Rishi Sunak has made a statement to the House of Commons on the government’s economic response to the Coronavirus outbreak. The Chancellor confirmed that the Office of Budget Responsibility (OBR) has said that the Coronavirus will (not surprisingly) have significant negative impacts on…
Changes to Entrepreneurs’ Relief
Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply. Since budget day, 11 March 2020,…
Support for businesses affected by the Covid-19 outbreak
The Chancellor, Rishi Sunak, outlined a raft of measures earlier in the week to support the UK’s ailing businesses, those affected by the forbidding COVID-19 outbreak. The list that follows summarises his announcements in the order they were announced: • The Treasury is making available…