Latest Tax Tips and News - November 2021
Latest news round-up
Newsletter issue - November 2021 Autumn Budget The 2021 Autumn Budget was relatively quiet in terms of tax-related announcements, and the Finance Bill 2021/22 published on 4 November was similarly thin on new changes, consisting to some extent of measures that had already been announced, e.g. the abolition of basis periods. Part 2 of the…Read More
Partial exemption and B2B services from overseas
Newsletter issue - November 2021 When a supply of services is from one business to another, i.e. a B2B supply, the general rule is that supply is treated as taking place wherever the customer is located, rather than the supplier. As an example, if a website design business is located in Belgium and they provide…Read More
Discovery assessments: time limits, the staleness concept, and Finance Bill changes
Newsletter issue - November 2021 The discovery assessment provisions in s. 29 of TMA 1970 permits HMRC to make an assessment for underpaid tax in certain situations. The time limit for raising the assessment depends on the behaviour that led to the underpayment. The standard time limit is four years from the end of the…Read More
Avoiding wasted capital losses
Newsletter issue - November 2021 There were rumours that CGT rates were going to be increased at the Budget. These eventually proved to be incorrect, but there are still commentators that feel it is only a matter of time before changes are made with the huge COVID-19 related borrowing to finance for years to come.…Read More
November Questions and Answers
Newsletter issue - November 2021 Q. My company has issued a new class of shares to my adult children. However, these have been issued unpaid - with the amount available to be called at any time, though more likely to be paid in increments over the next few years. Both children work for the company…Read More
November Key tax dates
Newsletter issue - November 2021 1 - Due date for payment of Corporation Tax for accounting periods ending 31 January 2021 7 - Electronic VAT return and payment due for quarter ended 30 September 2021 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/11/2021Read More
Autumn Budget 2021
The economy and headline figures The 2021 Autumn Budget took place on 27 October 2021. Chancellor Rishi Sunak adopted an upbeat and optimistic tone, pledging over £150 billion in additional spending by the end of the current Parliament - crediting the ability to do so to a "better than expected post-pandemic recovery". Among the usual…Read More