NewsWeekly update

Weekly update 1 October 2021

Welcome to the latest edition of our weekly update.

Autumn Budget

Chancellor Rishi Sunak will have a little room for manoeuvre in this month budget and spending review to achieve his stated objective of a balance budget according to IFS.

  • IFS: Chancellor may lower spending plans in the Autumn Budget
  • Borrowing for this year is predicted to be £50bn lower than was forecast in the March Budget.
  • Given recent announcements of tax rises, public spending will settle at 42% of nation income.

Business Rates

The treasury is facing a backlash from business over delay to overhaul of outdated business rate system that has been blamed for mass shop closure.

  • Sunak under pressure after ‘delay’ in business rate overhaul.
  • Business rates are a property tax linked to the underlying value of commercial premises.
  • Present rates are based on property value from 2015.
  • Rishi Sunak is now expected to announce only minor changes.

Pension Tax Relief

The Government has been urged to level the pension playing field by scraping differential rate for pension tax relief.

  • Gov’t urged to consider flat pension tax relief rate as high earners leave £2.5bn unclaimed.
  • It was found that around £2.5bn of tax relief for higher earners was going unclaimed.
  • Additional rate taxpayers overlooked a total of £164.7m in the same three year period.

Covid Grants

HMRC is advising on final action of those who claimed Covid support grants as well as those who are eligible to submit final claims for sick pay rebate scheme

  • Covid support and grants: final actions
  • If CJRS claimed for September need to be amended, you must do so by Thursday, October 28.
  • All SEISS grants received before April 6, 2021 are taxable in the 2020-21 tax year.

Our latest Snippets

New government helpline launched for business exporting to the EU.

7 in 10 people not doing anything to reduce potential IHT bill.

UK house prices up 10.6% in the year to August.

Sunak consider VAT cut on household energy bills.

Upcoming Key Dates

October 27: The Autumn Budget and spending Review will take place.

October 28: CJRS: amendments to September 2021 furlough days.

October 31: Corporation Tax returns: October 31, 2020 year ends.

October 31: Self Assessment: 2020-21 paper tax returns.

Weekly update
Weekly update

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