Tax | Budget 2021: 5% VAT rate for hospitality until September

To continue supporting the 150,000 businesses in the tourism and hospitality sectors and to protect 2.4 million jobs, the government has extended the temporary 5% reduced rate of VAT until 30 September 2021

3 Mar 2021

Tax

VAT

Budget

Tax | Budget 2021: income tax thresholds frozen

The Chancellor committed to the triple lock manifesto promises but froze income tax thresholds in the Budget for five years

3 Mar 2021

Tax

Personal Tax

Budget

Tax | Budget 2021: corporation tax to increase to 25%

The Chancellor plans to raise corporation tax by 6% to a new 25% rate from 2023 raising an additional £22bn in revenues

3 Mar 2021

Tax

Business Tax

Budget

Tax | Budget 2021: furlough scheme extended to September

The Chancellor has announced that the furlough scheme will be extended to the end of September with employers expected to make additional contributions from July

3 Mar 2021

Tax

Employment Tax

Budget

Business

Companies

Tax | Brexit: the corporate tax implications

Allan Cinnamon, guest tax writer at Croner-i, analyses the impact of Brexit on the main areas of UK corporate tax law that are derived from EU legislation enacted while the UK was a member of the EU. These laws have been effectively transposed into UK law

3 Mar 2021

Tax

Business Tax

International Tax

Tax Compliance

Tax | Call for radical reform of complex UK tax rules

The hugely complex UK tax code needs to be radically simplified by scrapping or replacing 20 taxes to eliminate harmful distortions, says the Institute of Economic Affairs

2 Mar 2021

Tax

Business Tax

Personal Tax

Tax | Changes to stamp duty for non-UK residents from 1 April

A special stamp duty land tax (SDLT) hike for non-UK residents comes into force from 1 April and could catch out some overseas based property purchasers. Natasha Heron, tax manager at Hillier Hopkins, explains

2 Mar 2021

Tax

Property Tax

Tax Compliance

Tax | Q&A: private residence relief and permitted garden area

In our weekly Q&A, Croner Taxwise tax adviser Ibrahim Nalla, examines the tax compliance issues around private residence relief when owners dispose of their main residence and have to account for garden sales

2 Mar 2021

Tax

Property Tax

Tax Compliance

Tax | Tax reform needed to address unsustainable public finances

The influential Treasury Committee is calling for the Chancellor to set out a long-term tax strategy to address the hole in public finances following the pandemic, while reforming the tax status of all types of worker should be a priority

1 Mar 2021

Tax

Business Tax

Employment Tax

Personal Tax

Budget

Tax | 264,800 Help to Save accounts opened

More than 264,000 individuals have opened a Help to Save account and could be earning money on their savings, figures from HMRC have revealed

1 Mar 2021

Tax

HMRC

Tax | VAT updates: March 2021

In our round-up of key VAT developments, Graham Elliott focuses on the construction service reverse charge, and decisions in tax tribunals on private dance tuition and place of supply in university education

1 Mar 2021

Tax

VAT

Case Reports

Tax | Self-employed individuals call for delay to IR35 changes

The majority of the UK’s self-employed workforce is unprepared for the upcoming changes to off-payroll working rules - commonly known as IR35 - which come into law in April this year, according to new research from EY TaxChat

26 Feb 2021

Tax

Employment Tax

Personal Tax

Tax | Fintech sector review calls for extension of R&D tax reliefs

An independent review has set out a plan for the UK to retain its global leadership in fintech by helping the country’s financial technology firms to scale up, access the talent and finance they need, and deliver better financial services

26 Feb 2021

Tax

Business Tax

Business

Companies

Tax | Accountants expect corporation tax rise in Budget

A rise in corporation tax of up to 3% and an extension of covid-related measures to support businesses until the release of lockdown are likely priorities in the Budget on 3 March

26 Feb 2021

Tax

Budget

Tax | Tax rules for UK residents temporarily working in Guernsey clarified

The Revenue Service is advising people who have chosen to temporarily work for their UK employer from Guernsey during the pandemic that basing themselves in the island may have implications for their personal tax situation

26 Feb 2021

Tax

Employment Tax

Tax Compliance