Webinar recording: how will the Chancellor’s budget reforms affect you?

9 March 2021 / Insight posted in Enterprise series, Business

In this session we discussed the broad implications of the measures announced at the Budget and how they may affect you and your organisation.

Top take aways from the budget

Increase in the rate of corporation tax from 1 April 2023:

  • Accelerate income and capital gains if possible so your company pays tax at 19%
  • Revisit the way directors/shareholders are paid going forward especially if your profits fall within the new marginal corporation tax rate of 26.5%.

Do you have trading losses?

  • Look to see if you can gain an earlier tax benefit by carrying them back for three years under the new temporary rules.

Planning expenditure on plant and machinery?

  • Review the timing of capital expenditure to see if advantage can be taken of the temporary increased allowances.

Receive or pay royalties or interest to companies within the EU

  • Review the obligations for withholding taxes and any relief afforded by the relevant double tax treaty.

Do you still need ‘Covid’ support?

  • Consider extensions to Furlough Scheme and Self-Employed Income Support
  • Consider the new Recovery Loan Scheme.

Anticipating a capital gain?

  • No increase in capital gains tax in the Budget, but a change is expected, so consider accelerating those gains.

Have you prepared for the off-payroll working rules?

  • These come into effect from 6 April 2021, so this is now urgent.

If you have any further questions or need clarity on any of the points discussed, please do not hesitate to get in touch.

Contact us

Get in touch

How did you hear about us?

reCAPTCHA