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Budget 2021 summary of Rishi's speech!

03/03/2021

Here is a summary of the key points from Rishi Sunak's second Budget announcement: Furlough scheme extended to 30/9/21 (employee's will continue to receive 80% of their salary but in July, the Job Retention Scheme will only cover 70%, falling to 60% in August and September so employers will have to contribute 10% in July and 20% for...

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DEFERED VAT COVID19 PAYMENTS

02/03/2021

Businesses and the self-employed who deferred VAT payments in 2020 now have the option to either pay their deferred VAT or join the Governments new VAT deferral payment scheme. Back in March last year the UK Government announced that certain VAT payments could be deferred. One of several measures introduced to support businesses and...

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BUSINESS RATES APPEALTALKS HALTED

23/02/2021

The number of business rates appeals have soared over the pandemic and talks halted before a final decision was made. Discussions between the government’s Valuation Office Agency (VOA) and the Rating Surveyors Agency’s (RSA) Covid-19 strategy group on business rates appeals have been halted. There’s no indication that the talks will...

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Spring Budget 2021 – Income Tax Rates & Allowances

03/03/2021

It has been confirmed as part of the Budget announcements that the 2021-22 personal allowance will increase to £12,570 (2020-21: £12,500) and the basic rate limit to £37,700 (2020-21: £37,500). As a result, the higher rate threshold will increase to £50,270 (2020-21: £50,000) from 6 April 2021. The Chancellor, Rishi Sunak revealed that...

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Spring Budget 2021 – Corporation Tax

03/03/2021

The Chancellor confirmed that the Corporation Tax main rate will remain at 19% from 1 April 2021 for the next 2 years. The main rate had been expected to increase to help pay the massive costs of the coronavirus pandemic to the public purse. However, the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with...

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Spring Budget 2021 – CJRS and SEISS schemes extended

03/03/2021

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme will be extended until the 30 September 2021. The Chancellor confirmed that employees will receive up to 80% of their salary for hours not worked subject to a monthly maximum of £2,500 until the scheme ends. The CJRS will also continue in its present form...

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Spring Budget 2021 - Government backed loan schemes

03/03/2021

The deadline for applications for all the government-backed loan schemes including the Bounce Back Loan scheme, Coronavirus Business Interruption Loans and the Future Fund ends on 31 March 2021. The Chancellor did not announce any further extension to these loan schemes but instead announced that a new successor loan guarantee programme...

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Spring Budget 2021 - Capital allowances

03/03/2021

Designed to help offset the increased Corporation Tax main rate and promote investment, the Chancellor announced the introduction of a new ground breaking super-deduction tax relief. The new temporary tax relief applies on qualifying capital asset investments and will apply from 1 April 2021 until 31 March 2023. The new super-deduction is...

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Spring Budget 2021 - VAT

03/03/2021

It has been confirmed, by the Chancellor, that the taxable turnover threshold that determines whether businesses should be registered for VAT will be frozen at £85,000 until 31 March 2024. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for...

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Budget Summary - March 2021

02/03/2021

More has been disclosed, leaked, of this year’s Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following Budget summary is split into four sections: COVID-19 related support measures for UK businesses Support for the UK housing market Taxation changes Other...

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Capital or debt?

01/03/2021

What is the difference between capital and debt, and why is the distinction important? One important distinction is that capital represents the amount of funds introduced by shareholders, partners or sole traders plus any retained profits that the business has created at any particular date. Debt on the other hand is a liability, an...

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What is pensions credit?

01/03/2021

Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you have savings, a pension or your own home. Savings Credit is an extra payment for people who...

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Claiming Self-Employed Income Support Scheme grants

24/02/2021

Under the third Self-Employed Income Support Scheme (SEISS) grant, claimants received up to 80% of average trading profits for November and December 2020, and January 2021. This meant that a maximum grant for the three months of £7,500 was made available to those who met the eligibility requirements. The claim window for this grant has...

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Inheritance Tax - tax-free gifts

24/02/2021

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2020-21 tax year that ends on 5 April 2021. You can give away up to £3,000 worth of gifts each tax year. This is known as your annual exemption. Any unused part of the annual exemption can be carried forward, but only for...

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Capital Gains Tax exemptions

24/02/2021

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2020-21 is £12,300. A husband and wife each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for...

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Government to publish range of tax consultations

24/02/2021

In a recent HM Treasury press release it has been confirmed that the government will publish a number of tax-related consultations and calls for evidence at the end of March. These consultations would usually be published on Budget day but instead will be published on 23 March. This will allow more time for these consultations to be...

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VAT Agricultural Flat Rate Scheme

24/02/2021

Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT Agricultural Flat Rate Scheme is a variant of the flat rate scheme specifically designed for farmers and other activities relating to agricultural production (such as horticulture). Farmers cannot join this scheme if the value...

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Outcome of the Uber case

24/02/2021

The Supreme Court has handed down a landmark judgement in the Uber case. The Supreme Court unanimously upheld the decisions of earlier courts and has found that Uber drivers are ‘workers’ and not self-employed as Uber has tried to argue. The decision of the Supreme Court as the final court of appeal in the UK marks the end of the case...

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Wren Professional Services Ltd

4 Cross Street, Beeston

Nottingham

NG9 2NX

0115 943 6493

info@wrenaccountancy.co.uk

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