Fab5 Feature – March

We’ve had a busy couple of weeks here so have decided to keep this edition short –something to read when you’ve got a free 5 minutes!

The beginning of the month was particularly busy with an earlier than usual Spring Budget Announcement and the addition of our newest team member, Sharon Bridges, Tax and Accounting Manager.  

2021 Spring Budget Recap

Here’s a quick recap of the main points from the 2021 Spring Budget Announcement.

Business Tax Changes

  • Corporation Tax will increase to 25% from April 2023 for businesses with profits of £250,000 or more
  • Tax losses up to a value of £2m can be carried back for up to 3 years
  • A Super Deduction scheme is set to be launched
  • Access to £3,000 support payment to made available to businesses who hire a new apprentice 
  • Duties frozen on both alcohol and fuel
  • Help to grow scheme to be launched for Small Businesses offering training and development opportunities

Personal Tax Changes

  • National Living Wage to increase to £8.91 from April 2021
  • Inheritance tax, pensions allowance, VAT registration threshold and CGT allowance to remain at current levels
  • Tax-free personal allowance thresholds to be frozen until April 2026
  • Income tax, national insurance and VAT rates to remain unchanged
  • Extension of the nil-rate stamp duty on the first £5000,000 until 30th June 2021

Continuation of Covid Support

Also announced was a continuation of some Covid-19 measures to help further support businesses and protect jobs.

  • Extension of the Furlough scheme until the end of September 2021
  • Extension of Self-Employed Income Support (SEISS) Grant until September 2021
  • A new restart grant to be made available from April 2021 for non-essential retail, hospitality and leisure businesses
  • BBILS and CBILS to be replaced by a new Recovery Loan scheme
  • Extension of business rates holiday at 100% until the end of June 2021
  • Reduced VAT of 5% to remain for hospitality and tourism until the end of September 2021

For a more detailed account of the 2021 Spring Budget, you can read our overview in full here.

2021/2022 Tax Rate Cards

With the budget, comes a new set of shiny tax cards – a nice treat everyone in the team looks forward to!

You can download your electronic tax rate card below or request a pocket-sized copy of your own to be posted to you directly by emailing hello@focalbusiness.co.uk

IR35 off-payroll working – a recap of what to do from 6 April 2021

Back in November (where have those months gone?) we featured an article about IR35 off-payroll working outlining the changes to be prepared for. It’s now less than a month until the new rules come into force.

If you provide services through an intermediary read our article IR53 off-payroll working – what to do from 6 April 2021.

Welcome to the Team – Sharon Bridges, Tax & Accounting Manager

At the start of the month we welcomed Sharon Bridges to the team. Read Sharon’s full introduction here.

Launch of the Fab Forum

On Wednesday 31st March we will be hosting our first ever, Fab Forum – virtually for now of course.

This is an opportunity for clients to present us with a question or idea relating to their business and gain relevant and informed feedback from us.

Sessions are free and tailored entirely to you and your business. When booking we ask that you let us know exactly what it is you wish to discuss so we can come prepared with the relevant information.

Whether it’s about tax efficiency, cashflow forecasting, succession planning or how to make the most of your investment with us, we’re here to talk.

If you haven’t already, you can book your complimentary slot here…

Book a date with your accountant. #getazoom