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UK Budget 2021

• ACCA Budget Reaction
  • ‘Fragmented’ budget does not give businesses certainty
• Download and share key guides to Budget 2021
  • ACCA’s  simple guide to Budget 2021 ,   A guide to business rates   and  Budget 2021: tax rates and allowances    that summarise the key information you need from Budget 2020.
• Extra support for apprenticeships is extended
  • Temporary incentive payments introduced in 2020 will be increased to £3,000 and continue until September
• SME Brexit Support Fund helps prepare businesses
  • Grant offers £2,000 towards professional advice and training on import and export rules including VAT
• Employment Allowance set to continue
  • Businesses will not to have to pay employer’s NIC on the first £4,000, so take care when you claim!
• Changing your year-end/period of account? Don’t forget ‘overlap relief’
  • This relief could help cashflow for small businesses when they need it most
• Stamp duty land tax surcharge for non-UK residents
  • Non-UK residents to pay additional SDLT on residential property purchases from April 2021
• Employers of ex-military get national insurance holiday
  • Relief applies to recruitment of former members of the UK regular armed forces
• Don’t miss the 1 April tax payment deadline
  • If you benefited from HMRC’s filing extension, make sure you avoid the 5% penalty
• Free webinars offer support in key technical areas
  • ACCA UK’s practitioner series covers hot topics from Covid-19 and data protection to cross border VAT
• UK Budget 2021: economic overview
  • The success of the Covid-19 vaccination programme has bolstered the prospect of a strong rebound
• MTD for VAT: end of the soft-landing era
  • Systems must be compliant for MTD from 8 April
• VAT round-up
  • Temporary VAT rate reduction extended until September
• Corporation tax to rise – marginal rate relief returns
  • Small profit and main rates of CT make a come-back, along with marginal rate relief
• Plastic packaging tax will be introduced this year
  • New regulations could lead to 200,000 tonnes of carbon savings in 2022-23 and increase use of recycled materials by 40%
• More grants via the Self-employed Income Support Scheme
  • The latest round of grants for the SEISS has been announced, with more applicants potentially qualifying.
• Extension to the Coronavirus Job Retention Scheme
  • An extended version of the CJRS provides further support for employees until the end of September
• Home office income tax and NIC exemption extended
  • Employers will not be required to report reimbursed expenses when employees need to buy equipment
• Capital allowances and other new reliefs
  • AIA has already been extended to 31 December 2021. Enhanced super-deduction reliefs now available for certain investments
• Sunak puts you front and centre again!
  • The chancellor hit a home run today in the Budget for the future of the UK economy.
• Maintaining annual exempt amount for capital gains tax
  • A freeze on the annual exemption amount to 2026!
• New VAT penalty regime
  • Reform of existing regime with a £200 points-based late submission penalty
• Gift Hold-Over Relief to be restricted
  • Business assets given to foreign-controlled companies may not be eligible for capital gains tax relief
• Freeze coming on pension lifetime allowance
  • Plan ahead – there is a freeze coming from 2021 to 2026
• Stamp Duty Land Tax relief for Freeports
  • Know the rules as there are control requirements
• Research & Development tax reliefs
  • Anti-abuse measures for SMEs R&D tax relief and R&D reform with more on the horizon.
• Temporary extension of losses carry-back for businesses
  • Extension of the period for trading losses carry-back to get a refund
• Pensions update – all you need to know
  • Updates to annual, lifetime and tapered annual allowances and more
• Easement continues for employer-provided bike tax exemption
  • Cycle to Work scheme’s qualifying journeys condition for employees will not be reintroduced until 2022.
• Income tax roundup
  • Here’s our guide to the changes for 2021, including a personal allowance freeze and COVID-19-related exemptions
• Investor tax incentives
  • Extended tax incentives for social investment initiatives
• Inheritance tax bands to freeze for five years
  • Thresholds on the nil-rate, and residence nil-rate and taper, will be fixed until 2026

Other Links

• HMRC
• Tax Rates & Allowances
• PAYE Tax Calculator
• Coronavirus Business Interruption Loan Scheme
• Business Rates Holiday for Retail, Hospitality and Leisure
• Cash Grant for Retail, Hospitality and Leisure
• Coronavirus Job Retention Scheme
• Small Business Grant Funding
• Statutory Sick Pay Rebate
• Time to Pay
• Business Rates Holiday for Nurseries
• VAT Deferral
• Income Tax Deferral for the Self-Employed