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Making Tax Digital for Income Tax Self Assessment delayed for a year | |
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year, HMRC recently announced. The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic.
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National Insurance and dividend tax rises announced for social care reform | |
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From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases. There will be a 1.25% increase in NICs on earned income, with dividend tax rates also increasing by 1.25%. The money raised will be ringfenced for health and social care costs. | |
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Chancellor to deliver Autumn 2021 Budget on 27 October | |
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments' resource and capital budgets from 2022/23 to 2024/25.
We are holding a webinar on the 28th October. Please read the Autumn Budget Seminar below for more information on how to register.
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Chancellor warned of redundancies as furlough scheme ends | |
The government's Coronavirus Job Retention Scheme (CJRS) ended on 30 September after supporting millions of workers during the pandemic. The government said the wages of more than 11 million people were subsidised for at least some of the scheme's duration at a cost of around £70 billion. | | | |
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COVID-19 sick pay rebate scheme closed in September | |
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The government's scheme that enables small businesses to recoup statutory sick pay costs caused by COVID-19 closed at the end of September. Legislation ending the Coronavirus Statutory Sick Pay Rebate Scheme (SSPRS) was laid before parliament on 9 September. | |
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£800 million Reinsurance Scheme opens for live events | |
The government has opened a £800 million Reinsurance Scheme to cover live events against cancellations stemming from the COVID-19 pandemic. The live events sector is worth more than £70 billion annually to the UK economy and supports more than 700,000 jobs, including small businesses and the self-employed. | | | |
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| Government announces plans to make requesting flexible working a day one right | |
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UK workers could get more choice over when and where they work under new proposals to make the right to request flexible working a day one entitlement. The government will also introduce a day one right to one week's unpaid leave for carers balancing a job with caring responsibilities. The government says the plans will make for more productive businesses, whilst accommodating both employee and employer needs. | |
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British Business Bank provided £80.5 billion of COVID-19 support | |
COVID-19 emergency finance schemes offered £80.5 billion of finance to almost 1.7 million businesses through the British Business Bank (BBB) during the last financial year. This support, which is not included under the Bank's core programmes, was evenly distributed across the nations and regions of the UK. | | | |
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| Autumn Budget Seminar 2021 | |
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We are delighted to invite you to join us for our online briefing seminar at which we will cover the announcements made during the Budget. The Chancellor of the Exchequer, Rishi Sunak, will announce the Autumn Budget on Wednesday 27th October. The Spending Review 2021 will also take place on 27 October, setting budgets for UK government departments for the next three years.
Details for the event:
Date: Thursday 28th October Timings: 9:30am - 11:00am Venue: Online (we will send out the joining instructions closer to the date) | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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