In 2020, the pandemic sparked a ‘race for space’ which saw the average UK house price rise by 7.6% in the year to November 2020. This means that a dwelling previously valued at £465,000 12 months ago could now potentially be worth over £500,000 and give rise to a tax issue under Annual Tax on Enveloped Dwellings (ATED).
Last year the Prime Minister laid out a ten-point plan for a “green industrial revolution” to aid the UK Government’s Net Zero greenhouse gas emissions target by 2050.
New company car advisory fuel rates have been published and took effect from 1 March 2021.
HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021.
HMRC’s new VAT deferral payment scheme is now open to all eligible businesses, including those businesses using the Payment on Account and Annual Accounting schemes.
Following the delivery of the Spring Budget on 3 March 2021, there is a good chance that people will have seen the limited changes as not affecting them a great deal; however, this could in fact have an effect both in the short, and long-term, on tax due.
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Covid savers should be making the most of their pensions allowances, says Sharon Mattheus of Lovewell Blake Financial Planning.