Knowledge

What’s changing for the new tax year?

The Treasury has frozen the UK’s VAT thresholds for a further two years in a bid to start repairing public finances following COVID-19, the year-long business rates holiday in England has been extended for another three months and new recovery loan scheme replaces previous Covid-19 loans.

Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month and record number miss Self-Assessment filing deadline due to Covid-19.

On 3 March 2021 the Chancellor of the Exchequer delivered his second Budget. Here we pull together the main highlights...

Businesses offered new government grants of up to £9,000, the furlough scheme is extended until the end of April 2021 and retailers experienced their worst annual sales performance since records began.

HMRC issues last reminder for 2019/2020 personal tax returns, annual investment allowance remains at £1M until 2022 and national living wage set to increase alongside age threshold fall.

VAT registered traders urged to prepare for life post Brexit, the furlough scheme is extended and self employed fear tax returns may affect fourth SEISS claim.

The economic damage of Covid-19. Chancellor declares “economic emergency”.

Government extends furlough scheme ahead of lockdown, a third grant for the self employed increases to 80% for November and 3 in 5 bounce back loans may never be repaid.

New support measures for businesses and workers have been announced in the face of a rising tide of coronavirus.

More measures come into place during lockdown, as a result of the COVID-19 pandemic.

HMRC looks at reviewing Capital Gains Tax, the second and final round of grants for the self employed, MTD and letting opted out employees re-enrol into the workplace pension.