Autumn Budget 2021: Private Client Tax
It was not clear before today whether we would see several key tax measures announced for private clients – potentially encompassing capital gains tax, inheritance tax and pensions – or whether it would be a quiet day for private client tax. In the end, the not unwelcome position was that very few changes were announced, with…
READ MORETV Production: The 2021 Budget – five considerations for UK indies
Last month, when Chancellor Rishi Sunak unveiled the contents of his much anticipated ‘Covid’ Budget, the state of play for UK production companies was slightly more complex than usual. From another extension to the furlough scheme to billions of pounds worth of cash injections for the economy, there was a significant amount to get one’s…
READ MOREBudget 2021: Real Estate and Construction Tax
In the March 2021 Budget, the government has followed the unprecedented approach adopted at the March 2020 budget in continuing massive central support for the UK economy. The level of borrowing and spending reported on and announced are truly ‘generational’ in their scale. The UK will be dealing with the aftermath of Coronavirus for decades…
READ MOREBudget 2021: VAT
As is often the case, the Budget contained various VAT-related measures that will be important to certain businesses and other organisations. VAT reduction for the UK’s tourism and hospitality sector The temporary 5% VAT rate that applies to certain goods and services supplied within the tourism and hospitality sector, which was due to end…
READ MOREBudget 2021: Employment Tax
There were several employment tax measures in today’s Budget, with the most significant of these relating to the government’s continued support for businesses in light of the impact of Coronavirus. Coronavirus Job Retention Scheme extension The Coronavirus Job Retention Scheme (CJRS) was previously due to end on 30 April 2021, and has now been…
READ MOREBudget 2021: Private Client Tax
Before the Budget, it was not entirely clear how many revenue-raising measures would be announced. Capital taxes were thought to be at risk of change, due to the triple lock being in place on rates for income tax, national insurance and VAT. In the end, no significant changes were announced for personal taxes, although several…
READ MOREBudget 2021: Corporate & Business Tax
With record low corporation tax rates, it was always likely that the Chancellor would see this as an area for raising revenue, and this has proven to be the case. While the UK will still have the lowest corporate tax rate in the G7, it is more important to look at effective tax rates that…
READ MOREBudget predictions 2021
As February and winter draw to a close, we now approach spring and a new Budget on 3 March. It is likely to be the most important Budget in recent times, almost certainly so in the last 50 years. The perhaps conflicting needs of addressing record public borrowing while not inhibiting the economic recovery are…
READ MOREChancellor’s Winter Economy Plan
Amid continuing uncertainty as a result of Coronavirus, the Chancellor of the Exchequer yesterday cancelled his proposed autumn Budget, and today announced a number of further support measures. The Coronavirus Job Retention Scheme has long been due to end on 31 October, and with restrictions starting to increase once again, pressure has been mounting on…
READ MORESummer economic update 2020
The summer economic update 2020 had the feel of a mini-Budget, with the Chancellor announcing a number of new measures as part of his “plan for jobs”. The £160 billion spent by the Treasury so far on Coronavirus-related measures has constituted the first “protection” phase of the government’s response to the virus. The Chancellor told…
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