Tax

Tax | Budget 2021: business rate cut for hospitality and leisure

As the hospitality industry continues to recover from the pandemic, the Chancellor announced significant discounts on business rates for specific sectors for the next 18 months

27 Oct 2021

Tax | Budget 2021: R&D tax relief criteria to prioritise UK-based investment

In the Budget, the Chancellor announced that from April 2023 research and development (R&D) tax relief will be refocused onto UK based businesses

27 Oct 2021

Tax | Budget 2021: 60-day capital gains tax payment window

In a welcome move for residential property owners, the Budget Red Book confirmed that the current 30-day capital gains tax (CGT) payment window will be extended to 60 days

27 Oct 2021

Tax | Budget 2021: annual investment allowance extended

In the autumn Budget, the Chancellor Rishi Sunak confirmed measures to support business investment with changes to allowances and covid loans

27 Oct 2021

Tax | Budget 2021: pension top-up rate for low earners

In the Budget, the government confirmed that it will introduce a system to make top-up payments for contributions made in 2024-25 onwards directly to low-earning individuals saving in a pension scheme using a net pay arrangement

27 Oct 2021

Pensions

Image for record collection ps115bn capital gains tax

Tax | Record collection of £11.5bn capital gains tax

There has been a 62% rise in capital gains tax receipts in the last five years, increasing by more than 50% to £11.5bn in 2020-21, compared to £7.1bn in 2015-16

27 Oct 2021

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Tax | HMRC opened 3,600 inheritance tax probes last year

HMRC launched 3,574 investigations into inheritance tax (IHT) in the financial year 2020-21 which gave the tax authority an additional £254m in tax revenue

26 Oct 2021

HMRC

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Tax | 82% of businesses want an expansion to Making Tax Digital

Around 82% of mid-sized businesses revealed that Making Tax Digital (MTD) for VAT has convinced them that further digitalisation will make the tax system more efficient

26 Oct 2021

Tax | SMEs to pay £2.4bn more after national insurance increase

SME businesses will pay an extra £2.4bn a year due to the rise in National Insurance contributions (NICs) to pay for the social care levy

26 Oct 2021

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Tax | Q&A: tax and directors' pension contributions

In our regular Q&A series, Croner Taxwise apprentice tax adviser Ria Dhillon considers the tax implications when a company decides to boost the pension contributions for directors

26 Oct 2021

Tax | Millionaires call for wealth tax

A group of 30 millionaires have called on the Chancellor to introduce a wealth tax to pay for the Covid-19 recovery as they can ‘afford it’

25 Oct 2021

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Tax | Essentials: Making Tax Digital for income tax

Despite a one-year delay to implementation, it is important to start preparing for Making Tax Digital for income tax self-assessment (MTD for ITSA) now that regulations have been made legislating the start date and implementing the rules, says Meg Wilson, tax writer at Croner-i

25 Oct 2021

Making Tax Digital

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Tax | Businesses call for more green tax incentives

Businesses are calling on the Chancellor to introduce more tax incentives to encourage businesses to go green in the Autumn budget

25 Oct 2021

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Tax | UK falls down global ranking as tax burden soars

The rising tax burden means that the UK is currently ranked 22nd out of 37 OECD countries in the International Tax Competitiveness Index, released by the US-based Tax Foundation

25 Oct 2021

Tax Planning

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Tax | Lords to carry out off-payroll IR35 rules follow-up inquiry

The House of Lords Finance Bill Sub-Committee has launched a second inquiry into the implementation of the off-payroll rules in the private sector to find out how these rules are working in practice

25 Oct 2021