HMRC’s official rate of interest has been cut from 2.25% to 2% from 6 April 2021. This will affect any directors or employees who have a beneficial loan from their employer, as well as directors…
Repaying Furlough Grants
The government reports that 3,000 businesses have voluntarily repaid over £760 million of furlough grants received under the Coronavirus Job Retention Scheme (CJRS) where the reality of the impact of the pandemic was not as…
Some ‘new’ tax year opportunities
"A bit late in the day, Femi" I hear you thinking. But is it? Some tax planning should happen before the end of the tax year; but the start of a new tax year also…
Freeport tax incentives
Among the development measures the Chancellor announced in the March Budget were eight new freeports in England. These are due to enter operation in late 2021, with each freeport including a defined tax site within…
Businesses prepare for long term tax hike
The 3 March Budget provided an immediate sweetener for businesses in the form of a temporary extension to carry back of trading losses, plus, for companies only, a temporary super-deduction for investment in plant and…
Covid-19 relief measures extended again
The latest, and hopefully last, lockdown is not due to be completely lifted until at least 21 June, so it was no surprise to see Covid-19 relief measures extended in the Budget on 3 March.…
The Spring 2021 Budget – still some surprises
A quiet turning of the tax screw. Just before the Budget arrived on 3 March, it seemed as if the Chancellor would have nothing to say that was not already public knowledge. However, while some…
Get Ready for 2021-2022
Taking some time to start planning for the 2021/22 tax year might be worth the effort. While there is often a focus on planning for the end of the tax year, much less attention is…
Is A Wealth Tax A Viable Option for The Chancellor?
The Wealth Tax Commission, an independent body of tax experts, has set out the framework for a one-off wealth tax. Will the Chancellor be tempted to adopt this? In his November [2020] statement, in which…
Is An Increase in Capital Gains Tax Inevitable?
A recent report could herald changes to capital gains tax. Last July the Chancellor asked the Office of Tax Simplification (OTS) to undertake a review of capital gains tax (CGT) “in relation to individuals and…