Budget 2021

A year ago Rishi Sunak delivered his first Budget as Chancellor. That was against the pandemic just starting and events overtook it rapidly.

This year, with the pandemic appearing to be coming under control, he had a chance to lay out a future plan to restore the economy.

Here are some of the key points from our detailed newsletter.

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Budget 2021

A year ago Rishi Sunak delivered his first Budget as Chancellor. That was against the pandemic just starting and events overtook it rapidly. This year, with the pandemic appearing to be coming under control, he had a chance to lay out a future plan to restore the economy. The Chancellor’s second budget painted a grim picture of the UK’s public finances and set out a plan to repair them. Whether we all agree with who bears the burden of that will be argued over the coming weeks and months. Th...

March 4, 2021

Stamp Duty Land Tax – Surcharge for Non-UK buyers

A new surcharge for Stamp Duty land Tax has been announced and will apply from 1 April 2021 for all buyers of residential property in England and Northern Ireland who are not UK residents (note this new surcharge does not apply in Wales and Scotland). This adds an extra 2% to the usual Stamp Duty Land Tax (SDLT) that would apply. The government believe that foreign buyers of property are artificially causing property price inflation, particularly in London. ...

March 4, 2021

Winter Economy Plan

Rishi Sunak announced his Winter Recovery Plan on 24 September 2020. This package of measures is designed to limit the impact of the current pandemic on the UK economy. Below we have set out the various measures. Do not hesitate to contact us if you need help with any of these measures....

September 24, 2020

Plan For Jobs - 8 July 2020

Rishi Sunak set out the Government’s Plan For Jobs on 8 July 2020. It is clear the Government are keen to get the economy going again as quickly as possible and are supporting businesses and employers with targeted measures. There were several important announcements made, as follows:...

July 9, 2020

Self Employed Income Support Scheme

The Chancellor, Rishi Sunak, announced an extension to the Self Employed Income Support Scheme at the end of last week. This scheme was originally announced in March 2020 to cover the months of March, April and May and claims started from June. You can find out the details of this first grant here: https://www.alviscompany.com/blog/post/10402/Support-for-the-self-employed/ What has now been announced is a further second grant, again for three months, that covers June, July and August 2020. The a...

June 15, 2020

Coronavirus Job Retention Scheme

The Chancellor, Rishi Sunak, has announced a further extension to the CJRS scheme for employers. Originally this scheme was announced back in March to cover March, April and May 2020, with an original extension to June 2020. What the Chancellor has announced is that the scheme will continue until 31 October 2020 but with some changes. Up until 30 June 2020 the government will cover 80% of the Wages (up to £2,500 per month), plus National Insurance and Pensions contributions for furloughed empl...

June 15, 2020

Furloughed workers

A number of employers have contacted us asking what to say to employees that they wish to Furlough under the new scheme. We have been struggling for a specific answer because this is completely new employment law being made up in a rush by the Government. Our professional association, the ACCA, have produced a handy template of letters and brief guidance. This is no way replaces the need for good employment law advice but may help some employers who wish to furlough some employees. The file is a...

March 31, 2020

Support for the self employed

Chancellor Rishi Sunak finally announced some support for the self employed in his 5pm briefing on 26 March 2020. This was welcome news because so far little support had been announced for the self employed other than a deferral of the tax payment due on 31 July 2020 to 31 January 2021 and a VAT deferral for those self employed businesses that are VAT registered. Please note that for the purpose of this article the self employed does include partners in a partnership or LLP that operat...

March 27, 2020

Coronavirus Business Interruption Loan scheme

We had the opportunity today to listen to a webinar given by Piers Linney, formerly of Dragons Den fame who is also a non-executive director of the British Business Bank. This has been highly intuitive as unlike the famous Ronseal advert from years ago, this loan offering will not be doing what it says on the tin! Some key facts to come out of this: The British Business Bank is not actually a bank, but a Government backed fund.  It therefore does not have a credit license to lend money so w...

March 25, 2020

VAT payment deferment

The chancellor recently announced fantastic support to VAT registered business with the deferment of paying VAT. To be clear this does not not change the charging of VAT on sales invoices, the claiming on purchases or the filing of the VAT return. This scheme has no impact on the payment on of Corporation tax or PAYE. All it means is that the VAT payments due between 20 March 2020 and 30 June 2020 can be deferred until the end of the 2020/2021 tax year (presumably 5 April 2021). For quarter...

March 25, 2020

Coronavirus support

Since the Budget on 11 March the Government has announced a raft of support for businesses during these unprecedented times. We have sent various emails about this over the past few days but I am pleased to say that the government have now published a specific website with all the help available and how to access it. The website can be found here: https://www.businesssupport.go... You can also read our emails here , here and here There is still a significant lack of support for se...

March 23, 2020

Spring Budget 2020

“Getting it done” was the constant refrain of Chancellor Rishi Sunak during his first Budget, delivered on 11 March 2020. An ironic phrase given this budget was originally scheduled for November 2019. The original Budget being delayed by the election. Of course, that original Budget was due to have been delivered by Sajid Javid who resigned from Government just four weeks ago. It has been a very long time since the last Budget announcement on 29 October 2018 and so much has happened politica...

March 12, 2020

Company cars - Electric vehicle opportunity

Our general advice on company cars has been to avoid them. When you are the owner/manager of a business the personal tax and National Insurance costs far outweigh any benefit and it made no financial sense to have a company car. Well that advice is changing, but only if you are happy to have a fully electric vehicle or a hybrid car then there may be an opportunity here. If you are wedded to a vehicle that emits lots of Co2 then this is not for you but if you are happy to drive a lower emiss...

February 20, 2020

Training video - Receipt Bank and Xero

For a number of months our clients have been asking us to produce a training video on how to use Xero and Receipt Bank.Both of these pieces of software have fabulous training videos of their own. Indeed you can find the links to Xero training here on our website and Receipt Bank training here.However, there is a problem with those because they do not link both pieces of software together and also fail to deal with niche areas.Given our significant section of clients who are proper...

January 24, 2020

Autumn Budget 2018

Philip Hammond delivered his 3rd Budget as Chancellor on 29 October 2018. The Government have clearly decided to loosen the purse strings a little and the commitment to bring the Government finances back in to surplus has been delayed until at least 2025. Growth forecasts of 1.4 – 1.6% for each of the next 5 years are very low by historical standards and paint a very gloomy picture of the British economy. As the Chancellor pointed out this Budget is predicated on the UK getting an average Trad...

October 30, 2018

The Autumn Budget 2017

Philip Hammond gave his 2nd Budget as Chancellor on 22 November 2017. The Government’s original targets have been shredded and it is expected that the books will now not come in to Annual Balance until the mid 2020’s. The Chancellor did announce some big spending plans setting up various agencies to support new businesses and also considering ways to force the big house builders to start building on their land banks. There are also moves to force owners of empty properties to get them occupi...

November 24, 2017

VAT flat rate scheme – a gravy train that has hit the buffers

A lot of clients and small businesses have taken advantage of the VAT Flat Rate Scheme....

March 1, 2017

Stamp duty alert

Since April 2016, purchasers of a second residential property (or any company residential property) will be aware that there is a premium of 3% on the stamp duty payable over the usual rates. One thing to be aware of here, is that the legislation says that you pay this if you own another residential property. What has not be widely publicised, is the fact that if you are married, you are treated as one person for the purpose of these rules. Even if you don't own a residential property and your...

February 22, 2017

Changes to mortgage interest relief

Well the day is soon dawning for the changes to the deductibility of interest for landlords. There have been a lot of scare stories in the press so I thought it prudent to set the record straight about what is happening and who is impacted....

February 15, 2017

The Autumn statement 2016

Phillip Hammond gave his first announcement since being appointed Chancellor on 23 November 2016. It was heavy on reduced growth figures and deficits further in to the future blamed, in the main, on the vote to leave the European Union. Here are some of the key points from our detailed newsletter:...

February 8, 2017 Posts 1-20 of 20 | Page

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