budget Archives - Page 11 of 32 - Whitefield Tax - Isle of Wight Accountants

Pensions update – all you need to know

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, pensions

Updates to annual, lifetime and tapered annual allowances and more. Why make a pension contribution? When you save into a pension, the government usually gives you a top-up as a way of encouraging you to save for your future. If certain conditions are satisfied, tax...

Inheritance tax bands to freeze for five years

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, capital taxation

Thresholds on the nil-rate, and residence nil-rate and taper, will be fixed until 2026 Legislation will be introduced in Finance Bill 2021 to maintain the inheritance tax (IHT) nil-rate band (NRB), residence nil-rate band (RNRB) and RNRB taper threshold at their...

Temporary extension of losses carry-back for businesses

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

Extension of the period for trading losses carry-back to get a refund To support the UK economy to recover from the effects of the pandemic, businesses which have incurred trading losses in financial years 2020-21 and 2021-22 will have more flexibility to carry back...

Corporation tax to rise – marginal rate relief returns

by Jessica Garbett | Mar 4, 2021 | ACCA, budget, business taxation

Small profit and main rates of CT make a come-back, along with marginal rate relief The chancellor announced the return of the small profit rate and main rate of corporation tax from April 2023. The applicable corporation tax rates will be 19% and 25%. Businesses...

Budget – Extension to the Coronavirus Job Retention Scheme

by Jessica Garbett | Mar 4, 2021 | ACCA, budget, business issues, Covid19

An extended version of the CJRS provides further support for employees until the end of September In December, the CJRS scheme was extended to the end of April 2021 in anticipation of lockdown measures ending by around March. Due to the gradual lockdown lifting...

More grants via the Self-employed Income Support Scheme

by Jessica Garbett | Mar 4, 2021 | ACCA, budget, business issues, Covid19

The latest round of grants for the SEISS has been announced, with more applicants potentially qualifying. Applications for the third grant for the Self-employed Income Support Scheme closed on 29 January 2021, with the details of the fourth grant slated for...

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Pensions update – all you need to know

Inheritance tax bands to freeze for five years

Temporary extension of losses carry-back for businesses

Corporation tax to rise – marginal rate relief returns

Budget – Extension to the Coronavirus Job Retention Scheme

More grants via the Self-employed Income Support Scheme

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