The Growth Plan – an update
The government’s political turmoil ratchets up as the fallout from the ‘fiscal event’ of 23 September claimed its first scalp
The Chancellor's Growth plan also announced the following:
The energy price schemes
The Government have announced two separate schemes aimed at limiting the impact of soaring gas and electricity prices.
New tax rises and the end of the triple lock
The government has spent billions of pounds on mitigating the impact of the coronavirus pandemic, so it was no surprise that further tax increases were likely.
Making tax digital shifts again
Big changes are coming for the way in which businesses keep their records and report to HMRC.
New penalties for late payments and submissions
The new late payment penalties regime will start rolling out from April 2022 for VAT taxpayers.
Managing new office relations
Employers have been welcoming their workforces back on site, but ongoing concerns around vaccination and employees’ rights may need a new approach
Claiming extended loss relief
The rules for setting business losses against earlier profits were temporarily extended in first Budget of 2021.
Jointly held assets
For spouses and civil partners, income from jointly held assets is normally shared equally for income tax purposes, even if actual ownership differs.
Cost management: striking the balance
Adjusting to the new economic climate may tempt you into focusing on additional cost cuts or consolidating pandemic changes to manage cash flow and finances.
Working from home tax relief broadened
Limits on tax relief for working from home have been removed for 2020/21.
Next stage of MTD
Phase 2 of the Making Tax Digital (MTD) regime will come into force on 1 April 2021.
A makeover for capital gains tax?
If you have capital gains that you have not yet realised, you may wish to make disposals by 5 April
Off-payroll changes finally launch in April
The government has confirmed the changes will take effect from April 2021
Ups and downs of capital allowances
The annual investment allowance (AIA) £1 million limit, originally due to end on 31 December 2020, will now run until 31 December 2021.
New proposals to promote business confidence
The government is planning significant changes to the registry of company information.