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Chancellor's Spring Budget 2021

 

The Chancellor, Rishi Sunak, presented his Spring Budget on Wednesday 03 March 2021.  In his speech he stated “we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future”.

 The Government announced a series of support packages for those businesses who may be affected by the Coronavirus outbreak. There was also a huge amount of investment agreed for UK infrastructure, alongside a host of taxation measures that could have implications for your personal and business’ affairs.

 To help you to understand how these updates will affect you, your family and your business, we have produced a summary of the main changes broken down into the areas that are most likely to be of interest to you, including personal, business, employment and capital taxes.  As always, the devil will be in the detail.

 We hope you find this budget summary useful but if you have any further queries, please do not hesitate to contact us for advice.

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2020 Vat Deferrals

 

Any VAT payments deferred from the period 20 March 2020 to 30 June 2020, will become due for payment 31 March 2021.

HM Revenue and Customs have now released a “VAT deferral new payment scheme “. The new scheme lets you:

  • Pay your deferred VAT in equal instalments, interest free
  • Choose the number of instalments, from 2 to 11 (depending on when you join the scheme)


The scheme is available to join from now until 21 June 2021. The number of months available to spread your monthly payments decrease during the joining period. A maximum period of 11 months is available to those that join the scheme by 19 March 2021.

HM Revenue and Customs link below for those that would like to join the scheme:

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

Please contact a member of our team if you require any assistance.

CHANGES OF OFFICE HOURS DURING COVID 19 OUTBREAK

We wish to advise you that we will be changing our office opening hours from next week.

From Tuesday 14 April both offices of Richard Edwards Group will be closing at 4pm on a daily basis and until working restrictions are lifted.

Please be reassured that we are still very much open for business to support you through these testing times.

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Change in the Construction Industry

CIS Reverse Charge Scheme - 1st March 2021

 

 

The VAT domestic reverse charge for building and construction services is now scheduled to come into effect from 1 March 2021.

We have pleasure in providing a pdf fact sheet below for your information to help guide you through the jargon and give an explanation on all aspects of the changes.

If you have any questions on how compliance may best be approached after reading our publication, please do not hesitate to contact us.

 

 

Spring Budget 2021 – Income Tax Rates & Allowances
03/03/2021 - More...
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

Spring Budget 2021 – Corporation Tax
03/03/2021 - More...
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