Tax Insights

Hospitality and retail firms to get £5bn for new Restart Grants

Hospitality and retail firms to get £5bn for new Restart Grants

Chancellor Rishi Sunak has announced a £5bn Restart Grant scheme to help any small business badly impacted by Covid-19 – and support them as they get ready to reopen. The multi-billion pound package of support will replace the monthly Local Restrictions Support Grant (for open and closed businesses) due to end later this month, and…

Budget 2021: Updates

Budget 2021: Updates

This week, the Chancellor delivered the government’s Budget for 2021. Mr Sunak announced extensions to a number of the current COVID-19 schemes, as well as additional support for individuals and businesses. Below is a breakdown of some of the key measures for employers. To get the full details on all of Budget 2021 measures announced…

Plymouth confirmed as one of first tax-break freeport sites

Plymouth confirmed as one of first tax-break freeport sites

The creation of eight freeport zones across the UK has been announced in this week’s budget. While many of the freeports are situated in the North of England, Plymouth’s bid to become one of the Government’s first tax-break freeports has been successful. The remaining freeports announced will be located at East Midlands Airport, Felixstowe and…

UK Budget 2021: corporation tax rate set to rise to 25% from 2023, but ‘super deduction’ also announced by Chancellor

UK Budget 2021: corporation tax rate set to rise to 25% from 2023, but ‘super deduction’ also announced by Chancellor

In this week’s Budget, it was announced corporation tax rate will rise to 25% from 2023 to help pay back the UK’s riding debts; but a temporary 130% ‘super deduction’ capital allowance on qualifying plant and machinery investments will be available. Corporation tax rate changes in 2023 Chancellor Rishi Sunak has confirmed plans to raise…

Could Corporation Tax be on the up in Rishi Sunak’s 3rd March Budget?

Could Corporation Tax be on the up in Rishi Sunak’s 3rd March Budget?

It has been reported by several outlets – including the Financial Times and Bloomberg – that UK Chancellor of the Exchequer Rishi Sunak could be poised to raise Corporation Tax in his looming spring Budget, especially in light of new US President Joe Biden’s own planned tax increase.  The FT said British government officials had…

Self Assessment Customers Warned About Scammers Posing as HMRC

Self Assessment Customers Warned About Scammers Posing as HMRC

HMRC is warning self assessment taxpayers completing their returns to take care to avoid being caught out by scammers. As the department issues thousands of SMS messages and emails as part of its annual Self Assessment tax return push, customers have been told to be alert of the danger of scammers posing as the tax…