Latest reporting on Chancellor Rishi Sunak's first budget.
A host of tax changes come into force from the start of April 2021, including the long-anticipated introduction of off payroll working (IR35) and the next phase of requirements under Making Tax Digital for VAT. ICAEW’s Tax Faculty outlines what you need to know.
With the end of the pandemic hopefully near, the Chancellor clearly set out the fiscal damage to the UK economy and that the road to recovery will be a long one. Frank Haskew, Head of the Tax Faculty, shares his thoughts on a Budget that aims to rebuild the economy.
Experts from across ICAEW and the Tax Faculty will be providing reaction to Rishi Sunak’s Budget announcements on the day and sharing in depth analysis across the coming week.
19 February: HM Treasury has confirmed that consultations on changes to the tax system will be published on 23 March, rather than on Budget day as is traditional. An interim report into the government’s review of business rates will also be released.
Highlights from the broader tax news week ending 3 February, which includes: a restrained Scottish Budget in light of the coronavirus pandemic and HMRC publishes a Brexit edition of its Agent Update with guidance on postponed VAT accounting.
Highlights from the broader tax news week ending 27 January, which includes: Treasury confirms that eligibility criteria for fourth SEISS grant will be announced at the Spring Budget; special edition of HMRC's Employers Bulletin focuses on Brexit transition and HMRC updates its guidance on scams.
25 January 2021: Have you ever wished you could be Chancellor for a day? Could you sort out the budget deficit in a moment? ICAEW’s Anita Monteith has found the tools online that mean you can give it a go.
19 January: Given the impact of the coronavirus pandemic and the UK’s departure from the EU, Spring Budget 2021 should focus on delivering existing plans and COVID support packages, not announcing short term changes to the tax system, according to ICAEW’s Tax Faculty.
17 December 2020: Rishi Sunak has confirmed that Budget 2021 will take place on 3 March and will provide further information on COVID-19 support packages.
17 November: Highlights from the broader tax news this week includes: confirmation from the Scottish Government and Welsh Assembly of their planned Budgets, HMRC clarifying VAT liability of school holiday clubs and acceptance of digital signatures for CGT hold-over relief.