Corporate tax news

VAT Partial Exemption Changes

VAT Partial Exemption Changes

To ensure the continuation of fairness HMRC has decided to implement an accelerated process when it comes to VAT Partial Exemptions. This accelerated process will allow businesses to request changes to their VAT Partial Exemption methods due to Covid-19. To submit a...

R&D cap announced

R&D cap announced

The government has announced a cap on the amount of payable tax credit that a company can claim for Research and Development (R&D). The cap will be £20,000 per period plus 300% of the PAYE and NIC payable for the period. This will take effect for periods starting...

Tax Rates and Allowances 2021/22

Tax Rates and Allowances 2021/22

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...

Introducing the Super-deduction

Introducing the Super-deduction

What is the Super-deduction? The super-deduction is a 130% first-year capital allowance for qualifying plant and machinery assets. There is also a less generous 50% first-year allowance for assets qualifying for the special rate pool. The super-deduction will allow...

Budget 2021

Budget 2021

Budget 2021 The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech, he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'. Main Budget proposals Tax measures...