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Budget 2021

Budget 2021 Autumn

In the 2021 Budget Chancellor announced a number of important tax reforms and confirmed legislation for the forthcoming Finance Bill. A summary of key measures include: the conclusions of the government’s review of business rates reform of Research and Development tax reliefs to support modern research methods, refocusing support towards innovation in the UK and to … Read more

National Living Wage Increase

National Living Wage Increase

The national living wage will rise 59 pence from £8.91 to £9.50 from 1 April 2022 The Treasury has announced that the Chancellor will increase the national living wage by 6.6% which is expected to give a full-time worker, working 35 hours per week, an extra £1,000 per year. The national minimum wage is to … Read more

Working Tax Credit customers

Working tax credits

HMRC urges Working Tax Credit customers to check if they need to update their working hours if they have been reduced due to Coronavirus. During the pandemic, working tax credit customers did not need to inform HMRC about temporary reductions to their working hours. For example they had been furloughed. If a Working Tax Credit … Read more

Extended loss carry back

Extended Loss carry back rules explained

Extended loss carry back rules explained. As part of a range of support measures to support businesses post-covid the extended loss carry back rules provided a temporary tax break for businesses. Finance Act 2021 detailed new rules around taxation for companies providing for a temporary extension to the loss carry back legislation for trading losses … Read more