Following a bidding process, the Budget announced the location of 8 English Freeport tax sites to begin operating from late 2021, one of which is Plymouth. Businesses in these tax sites will be able to benefit from a number of tax reliefs from the date that the Freeport tax site has been designated:
The VAT reduction was originally introduced for the hospitality and leisure industry to support businesses severely affected by the coronavirus pandemic and social distancing measures. The extension of the reduced rate will be a welcome measure to help the sector to bounce back and recover during the period during which it has been unable to trade, particularly as many businesses in this industry will be the last of those who are able to re-open fully under the Government’s roadmap to ease lockdown restrictions.
The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Budget for 2021 on 3rd March. During this announcement it was confirmed the Job Retention Scheme (JRS) will be further extended to 30th September 2021.
As widely anticipated, the Budget confirmed that the temporary increase in the amount that a purchaser can pay for residential property before they pay Stamp Duty Land Tax (SDLT), which was originally due to end on 31 March 2021, has been extended to 30 June 2021. This applies to transactions in England and Northern Ireland.
As the Chancellor stood up to speak it felt as though all the headline announcements had been leaked beforehand. However, he lived up to his previous statements that he would be honest with the public about where the country is, having faced the biggest economic crisis outside or wartime.
New VAT rules introduced on 1 March 2021 will affect an estimated 150,000 businesses in the construction industry.
Businesses that fall under this new regime will need to make practical changes to their accounting processes.
Thomas Westcott Chartered Financial Planners are authorised and accredited to advise on later life financial planning matters.
This work often centres around care fees and the cost of care for someone later in life.
As we are entering the transition period from Basic Payment Scheme (BPS) to the Environmental Land Management Scheme (ELMS), part of this transition will see the current Countryside Stewardship Scheme being replaced by ELMS from 2024. Entering a stewardship scheme can help prepare and position your business well for the future of subsidies.
With around three weeks to go until the Chancellor stands up to present what will be his second Spring Budget, what can we expect him to say? There has been much debate over what he should do or what he might do, however, what we can say is only the Chancellor currently knows.
Thomas Westcott Chartered Accountants is supporting an initiative that is helping people in and around Exeter find work and start new businesses. The South West accountancy firm is sponsoring Exeter Works, which provides support for individuals seeking to change career or start a business and guides businesses through new challenges.