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This Practical Tax Database and Virtual Tax Partner® Toolkit is your online tax partner. It answers all your key tax FAQs, is packed with useful and practical tax and business guidance.

The information gathered here is split into tax planning guides, FAQs, know-how and tools. With worked examples and tax compliance checklists.

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Hello

We have a blend of old and new for you this time as we look at last-minute tax planning for the end of another tax year and topical tax tips for the start of the new one.

Hello

We are continuing our review of budget 2021 this week and we take a look at some of the new consultations. We have been having some debates, internally, on a couple of topical issues: these centre on the practicalities of incorporating a buy-to-let portfolio and on building your own office at home. 

Hello

This week we have Budget 2021 coverage. The freeview guides provide all the essential information, with more detailed guidance for subscribers. As usual we will be drilling down into more detail and bringing out some CPD in the coming weeks.

The Budget 2021: at a glance. A summary key budget announcements together with items published without announcement.

Chancellor Rishi Sunak made his Budget 2021 speech on 3 March 2021, the highlights of the speech as as follows: 

Highlights

  • Corporation tax will increase to 25% from 2023, very small companies are unaffected.
  • The Stamp Duty Land Tax (SDLT) nil rate break extends until September.
  • Large grants for hospitality industry which also benefits from extended VAT rate reduction.
  • Tax allowances are frozen until 2026.
  • VAT theshold frozen until 2024
  • Business Rates: three months 100% holiday, nine months 66% relief with cap
  • Various coronavirus support measures including new grants.

Hello

This week we bring some good news if you were unable to settle your 31 January Self Assessment liability by 28 February. There'll be no 5% late-payment penalty as long as you pay by 1 April 2021. We have another warning on more phishing emails, new VtaxP toolkits, updates for landlords (including non-resident landlord companies), and a review of what's been happening in the courts.

  1. BBC presenter not an IR35 employee
  2. Nichola's SME Tax W-update 18 February 2021
  3. Agent Update February 2021
  4. HMRC briefing: supporting organisations on Off-Payroll Working
  5. Nichola's SME Tax W-update 11 February 2021

 

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