After already increasing taxes by £42 billion a year in 2021, the main focus of Chancellor Rishi Sunak’s Autumn Budget was on spending. The first Autumn Budget in three years – and Mr Sunak’s third in less than 20 months – featured no significant increases in tax. The task of raising extra revenue had already … More The Autumn Budget – taxed and spent
The Autumn Budget announcements included a series of measures to alleviate the burden of business rates in England. For 2022/23, 50% relief will be available for eligible retail, hospitality and leisure properties, and the business rates multipliers will again be frozen. 2022/23 measures The business rates multipliers for the current year have already been frozen … More Positive news for business rates from the Chancellor
MTD will not be mandatory for self-employed individuals and landlords until accounting periods commencing on or after 6 April 2024. The start date for general partnerships (those with only individuals as partners) will now be from April 2025, with the date for other types of partnerships still to be confirmed. The planned April 2026 commencement date for MTD for corporation tax now also seems uncertain. … More Maxing Tax Digital delayed until 2024
The Chancellor looks likely to skip the autumn Budget again, but among other plans, changes to tax reporting for sole traders and partnerships are already in motion. … More Basis period rules among tax changes coming up
The pilot scheme for Making Tax Digital (MTD) for income tax is now open for self-employed workers and landlords. The scheme becomes mandatory for accounting periods commencing on or after 6 April 2023, so those who join now will get ahead of the game. The first phase of MTD for income tax will be mandatory … More MTD income tax pilot
The bounce back loan scheme (BBLS) has kept many businesses afloat over the past year, but, with the first repayments now starting to become due, many of the 1.5 million businesses that borrowed money could fall into difficulty. Default position The BBLS was launched in May 2020, with no interest charged or repayments required for … More Bounce back repayments begin
There are various tax advantages to a rental property being treated as a furnished holiday letting, but inheritance tax (IHT) business relief is generally not one of them. Even though the law supports HMRC’s view, property owners regularly appeal against their refusal to give relief. The tax advantages The most immediate benefit is full tax … More IHT business relief for holiday lets
The government is tackling a reform of business rates, closing a holiday lets loophole and calling for evidence prior to a report in the autumn … More Shaping the future for business rates
As making tax digital rolls out, the frequency of tax payments for SMEs is likely to change, with a consultation running until the end of July. … More Changing tax payments for SMEs
Treasury announces tax administration reform and new proposals in first-ever ‘Tax Day’. … More Tax Day – 23 March 2021
inmindful.news 