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Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget.
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On 27 October 2021, the Chancellor delivered his third Budget in conjunction with the Public Spending Review.
The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care.
The Government are pulling the plug on support to employers for furloughed staff at the end of September as they anticipate that the economy will be back to normal by October.
Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted.
For the month of July the CJRS Furlough grant support from the government via HMRC reduces to 70% of the employee’s usual pay for hours not worked.
HMRC are urging businesses to look out for the use of miniumbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries.
The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked.
The "off-payroll" working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021.
Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021.
New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector.