Self-Employment Income Support Scheme – further grants confirmed
On 3 March, the Chancellor of the Exchequer, Rishi Sunak, announced in the Budget additional measures over this year, and next, to support the economy in response to coronavirus.
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’.
One of the biggest headlines to emerge from the budget is that corporation tax will be rising to 25%. Business owners may well think this is a bit of a kick in the teeth, but all is not what it seems.
With the current financial crisis and more challenges looming in the future, now is the time for significant forward-thinking tax reform, in the context of a clear long term-strategy, says Natalie Miller of Lovewell Blake.
HM Revenue and Customs (HMRC) have announced that Self-Assessment taxpayers will not be charged the 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021.
The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April 2021.
HM Revenue & Customs (HMRC) revealed that more than 10.7 million people submitted their 2019/20 Self-Assessment tax returns by the 31 January 2021 filing deadline.