An insight from the gbac team on all things accounting, finance and more.
While the newer system of postponed import VAT accounting has been in place since early 2021, it still isn’t without its problems. Unfortunately, import VAT confusion is ongoing, as many businesses continue to experience issues.
As recommended by the Low Pay Commission, the National Living Wage will increase to £9.50 an hour from next April. This applies to workers aged 23 or above, but the minimum wage rates for apprentices and workers between 16 and 22 years old is also increasing in 2022.
With these National Minimum Wage rises, the government should be back on track to achieve a minimum wage that’s level with two-thirds of the average earnings in the UK by 2024. These changes are intended to help the lowest-paid workers to recover from the pandemic.
Despite previous talk of Capital Gains Tax reform, the only change confirmed by Chancellor Rishi Sunak’s Autumn Budget 2021 speech is an extension of reporting and payment deadlines.
From 27th October 2021, if you sell a property in the UK, then you’ll have 60 days from the date of completion to report your gains and pay the tax. The deadline was previously 30 days, which is a tight turnaround for most taxpayers (and unfortunately still applies to sales before the change).
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 […]
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