Capital Gains Tax (CGT) key measures included in Budget 2021 are as follows:
SME Tax News
UK Corporation Tax; key measures included in Budget 2021 are as follows.
Chancellor Rishi Sunak made his Budget 2021 speech on 3 March 2021, the highlights of the speech as as follows:
Highlights
- Corporation tax will increase to 25% from 2023, very small companies are unaffected.
- The Stamp Duty Land Tax (SDLT) nil rate break extends until September.
- Large grants for hospitality industry which also benefits from extended VAT rate reduction.
- Tax allowances are frozen until 2026.
- VAT theshold frozen until 2024
- Business Rates: three months 100% holiday, nine months 66% relief with cap
- Various coronavirus support measures including new grants.
In Roger Preston Group Limited v HMRC [2021] TC08025, the First Tier Tribunal (FTT) upheld the appellant's appeal to have the amortisation of its intangible asset allowed for corporation tax purposes.
HMRC have published 'UK charity tax statistics commentary: April 1990 to April 2020'. The statistics release is the annual update of reliefs claimed by charities and individuals following a charitable donation.
Missed our SME Tax Web-updates in February? Here is a summary of the month.
Hello
This week we bring some good news if you were unable to settle your 31 January Self Assessment liability by 28 February. There'll be no 5% late-payment penalty as long as you pay by 1 April 2021. We have another warning on more phishing emails, new VtaxP toolkits, updates for landlords (including non-resident landlord companies), and a review of what's been happening in the courts.
HMRC have published ‘Self-Employment Income Support Scheme statistics: February 2021’. It shows that 2.2 million (65%) of the potentially eligible self-employed population had claimed on the Scheme.
In HMRC v Atholl House Productions Limited [2021] UKUT 0037, the Upper Tribunal (UT) upheld the First Tier Tribunal's (FTT) decision that the TV and radio presenter, Kaye Adams, was an independent contractor and not caught by IR35.
If you are self-employed then you should be careful not to click on any phishing emails. The following email was received on Monday has the header, 'Your Self-employed Grant for March 2021 has been Approved.'