An insight from the gbac team on all things accounting, finance and more.
According to the Autumn Budget 2021, business rates in England are due to be frozen until 2023, with business rate discounts available for commercial properties in certain sectors.
Detailed guidance has yet to be published, but let’s take a look at some of the measures announced by Chancellor Rishi Sunak to relieve the financial burden of the pandemic for businesses.
The first Autumn Budget since 2018, and Chancellor Rishi Sunak’s third Budget in fewer than 20 months, focuses mainly on public spending.
It reveals no major increases in personal taxes, but no major reductions, either.
Another Budget earlier in the year addressed how to raise necessary extra revenue, including corporation tax rises and allowance freezes.
There are various tax advantages to a rental property being treated as a furnished holiday letting, but inheritance tax (IHT) business relief is generally not one of them. Even though the law supports HMRC’s view, property owners regularly appeal against their refusal to give relief. The tax advantages The most immediate benefit is full tax […]
New IR35 changes will be implemented in April 2021 for private sector contractors that will transfer responsibility from contractors to large and medium companies to assess off-payroll worker status. But what exactly are the IR35 rules, and what can you do to prepare for these changes? What is IR35? Some independent contractors who work through […]
Did you defer your VAT payments last year due to the financial effect on the COVID-19 pandemic? If so, you were not alone. Over half a million businesses deferred VAT payments that fell due between March and June 2020 with the balances needing to be paid in full by 31 March 2021. However, HMRC have […]
From 1 March 2021 the domestic VAT reverse charge must be used for most supplies of building and construction services. The charge applies to standard and reduced-rate VAT services: for individuals or businesses who are registered for VAT in the UK reported within the Construction Industry Scheme When the reverse charge applies, a supplier of […]
If any of our latest content leaves you wondering how this may affect your business, our team are on hand to deal with any queries you have.
Complete the contact form below and a member of our team will aim to get back to you within two working days.
