Dividend tax rate increase: the prime minister has announced a 1.25% increase to dividend tax rates from April 2022 as part of a package of measures to fund the costs of social care and the NHS.
SME Tax News
The government has announced its plan for funding the NHS and social care sector. This will include a new Health & Social Care Levy which will be delivered by a raise in Class 1 and Class 4 National Insurance Contributions (NICs) of 1.25%.
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
The Treasury has announced that there will be two budgets in 2021. The Autumn 2021 budget will take place on 27 October 2021. The Office for Budget Responsibility (OBR) will prepare an economic and fiscal forecast which will be presented alongside the Autumn Budget and 2021 Spending Review on 27 October 2021.
The prime minister has announced tax rises to fund the costs of Social Care and the NHS. Breaking two election pledges, the government's paper, 'Build Back Better: Our Plan for Health and Social Care', reveals plans to raise the rates of both National Insurance Contributions (NICs) and Dividend tax by 1.25% from 6 April 2022.
Missed our SME Tax Web-updates in August? Here is a summary of the month.
Hello
This week we look at an unsuccessful judicial review of an accidently repaid disguised loan charge. We consider changes to the Trust registration service, we look at capital allowances, recent issues relating to COVID-19 grants and we warm up for our very first Virtual Tax Partner conference.
On 1 September 2021, the Trust Registration service became available for non-taxable trusts to register with HMRC. Previously it had only been available to taxable trusts and those non-taxable trusts registered for the HMRC pilot of the service.
The Scottish government's second funding tranche under the DigitalBoost Development Grant has closed on the day it opened. The £25m DigitalBoost fund is Scotland’s national digital upskilling programme helping businesses to use digital technologies effectively.