With a cost-of-living crisis as a backdrop and a recession on the horizon, the new Chancellor, Kwasi Kwartang, delivered what is widely termed a mini budget on 23 September, although it lacked the forecasts from the office for Budget Responsibility that would usually accompany such an event.

HMRC have suspended the payment of certain R&D tax credits while it investigates some “irregular claims” for the tax credit.

This 2021 budget summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances.

Family Investment Companies are a flexible structure for inheritance tax planning.

There are still benefits to incorporating a property portfolio into a limited company, despite a proposed increase in the rate of corporation tax.

Under EU VAT rules applicable up until 1 July 2021, no import VAT had to be paid for commercial goods of a value up to €22. The new VAT e-commerce rules abolished this provision from 1 July 2021 and since that date, all commercial goods imported into the EU from the UK, are subject to VAT irrespective of their value. Registration with the IOSS may simplify the VAT position.

Self-assessment tax returns for 2019/2020 are due for submission by 31 January 2021, but HMRC has announced that late filing penalties will not be charged if the return is submitted online by 28 February 2021.

New measures, including the extension of the Furlough scheme, have been announced to provide support for businesses and employees during the new lockdown.

Employers can give employees non-cash benefits as part of their remuneration. The value of non-cash benefits provided to an employee is normally taxable, but there are tax-free non-cash benefits available.

The Employee Ownership Trust (EOT) was introduced by the Coalition Government in 2014 with the aim of promoting employee ownership in the UK, similar to the John Lewis model. The 2014 rules provide an incentive for owners to sell a controlling stake in their business.

The UK tax treatment of Salary Sacrifice schemes changed from 6 April 2017, removing the advantage of using such schemes for many benefits. As we approach the end of the transition period on 5 April 2021, we look at the ways in which a salary sacrifice scheme can still work to your advantage.

As the economy reopens, the Chancellor has announced temporary, targeted cuts in VAT and SDLT, along with a bonus for employers who rehire furloughed employees.

We discuss benefit in kind (BIK) and other business tax implications for company cars with car manufacturers moving to subscription-based models

Companies are increasingly being used as a vehicle for family investments due to a low rate of tax (Corporation Tax is currently payable at just 19%) and the ability to use shares and directorship roles to keep control with certain family members, while allowing the whole family to benefit from income and capital growth.

Further details have been announced about the new Coronavirus Job Retention Scheme, but the online service through which claims will be made is not yet available.

The April 2019 loan charge was introduced to tackle tax avoidance using employer-funded third parties, but following an independent review, this measure has been significantly rolled back.

The introduction of changes to the UK off-payroll working rules for the private sector, which was set to take place on 6 April 2020, have been suspended for a year due to COVID-19, and will now be introduced from 6 April 2021.

The Government has clarified that company directors and office holders are eligible for furloughing under the COVID-19 Job Retention Scheme, but many small business owners are still receiving minimal assistance.

The Chancellor of the Exchequer, Rishi Sunak, has written to the chair of the Treasury Select Committee to outline temporary changes to the Statutory Residence Test (SRT) for those coming to the country to work on COVID-19 related activity.

The Coronavirus Job Retention Scheme allows employers to claim a grant to cover wages of furloughed employees, including directors, but dividend payments will not be covered.  

People are being prevented from travelling from the UK to other countries at present due to the Coronavirus epidemic. This could affect their UK tax residence status and therefore; their UK tax liabilities.

COVID-19 is changing the way all of us live and work – Tax Innovations is changing its working practices too, but our services will not be interrupted. This article sets out the government’s current assistance package and an update on how to keep in contact with us.

The new government has published its first post-Brexit budget and Inheritance Tax was not on the agenda. Given the current economic uncertainties, it seems that Inheritance Tax, rarely much of a priority for governments given that it invokes passionate feelings while in reality representing a small part of the total tax take, is unlikely to change for the foreseeable future.

On 11 March 2020, the new Chancellor outlined his first budget. The detailed budget documents set out the following notable tax changes.

From April 2020 the Enhanced Capital Allowances (ECAs) available on energy and water efficient assets will be withdrawn. Currently, 100% first-year allowances are available on these assets, and where the allowances create a loss, this can be converted into a payable tax credit from HMRC.

The 2020 Finance Act is set to reduce the scope of the valuable Private Residence Relief (PRR), which prevents Capital Gains Tax (CGT) being charged when you sell your home. From 6 April 2020, the CGT payable on the sale of a residence may increase by up to £11,200 due to a restriction to PPR ‘Letting Relief’.

The UK corporation tax relief for expenditure on Research and Development (R&D) is extremely generous, particularly for small and medium-sized enterprises (SMEs).

Entrepreneurs’ Relief has been the subject of recent changes including an extension to the length of the required qualification period and the introduction of a measure or protection for taxpayers who find that their shareholding has been diluted below the Entrepreneurs’ Relief threshold.

On 6 April 2017, changes to the way that the taxation of workers’ services provided through intermediaries was implemented has had a huge impact for workers in the Public Sector. The Government now intends to roll out similar changes for the Private Sector, with effect from 6 April 2020.

The last day of the 2018-19 UK tax year (5 April 2019) is looming large and for those who seek to be tax efficient, it is time to examine ways of potentially mitigating 2018-19 personal tax liabilities via year-end planning reviews.

From 6 April 2019 the scope of UK CGT on non-residents is being extended to include all UK real estate property as well as to assets deriving at least 75% of their value from UK land.

Changes to Entrepreneurs Relief potentially threatened the availability of capital gains tax relief for owners of companies with alphabet share classes.

On 29 October 2018, the Chancellor set out his budget to Parliament, stating that austerity is "finally coming to an end" as the economic outlook improves, and appearing to spread some of the potential benefits around. The budget offered little in the way of significant overhaul, largely focussing on adjustments to existing reliefs, but what were the actual changes to the UK tax environment?

The UK tax rules for non-domiciled individuals were thrown into confusion by the proposed reforms to apply from 6 April 2017 not being included in the Finance Act 2017, however, the Government has now confirmed that the Finance Bill due to be published in September 2017 will include the proposed reforms and that they will appl

The government is clearly focused on directing private investment away from property and into areas that are more likely to stimulate economic growth, leading to a series of policies targeted against buy-to-let property owners.

HMRC have announced that the tax legislation regarding the UK tax treatment of the overseas pension scheme is changing from 6 April 2017.

HMRC is making changes to the taxation of Qualifying Non UK Pension Schemes (QNUPS) but, if structured correctly to provide for your future and that of your family, a QNUPS remains an attractive retirement planning opportunity.