May 2022 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Corporation tax due – 1 May for accounting periods ended 31 July 2021 where not payable by instalments Corporation tax due – 1 June for accounting periods ended 31 August 2021 where not payable by instalments...
Chancellor Rishi Sunak delivered his budget dubbed best of both worlds budget on Wednesday. His announcements speak of a confidence in economic growth and official forecasts adjusting to signal more favourable predictions. Best of Both Worlds Budget Despite Mr Sunak’s business boosting announcements offering the best of both world budget, the Institute for Fiscal Studies says that average real wages will be lower by 2026...
In his 2021 budget announced in March, Mr Sunak promised tax reform in an attempt to raise £2.2 billion towards erasing the national deficit, alongside increased investment in compliance capabilities for HMRC to get tough on fraudulent furlough claims. HMRC Gets Tough The chancellor promised to sharpen up on fraud, tax avoidance and tax evasion, hoping to raise £2.2 billion over five years. We are...
July 2021 Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Payment on Account Due – 31st July If you have a tax payment on account, remember to make your payment on time, which is due by midnight on 31st July Employee Furlough Contributions Rise – 1st August...
It has been announced that the portal for applications for the fourth Self-Employment Income Support Scheme (SEISS) Grant, will open on 22 April. Self employed workers have been waiting since February for further guidance about the fourth SEISS Grant, which has been promised since October, but was not confirmed until the 2021 Budget on 3 March. Late Opening of the Fourth SEISS Grant Portal A...
March 2021 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. This month Prestige Business Management has moved our banking over to Starling Bank. Whilst we never encountered any problems with Barclays, this move better reflects our dynamic organisational culture. We expect even more dynamism from the economy in 2021. We...
The budget 2021, dubbed the spend now tax later budget, ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’ according to chancellor Rishi Sunak. The chancellor outlined that his ‘three part plan’ consists of business support for workers still being affected by coronavirus, paying for the response and investment in economic growth. Budget 2021 Headlines Tax super-deduction...
February 2021 News Update – featuring additional news developments from our newsletter series Stay informed with the latest news in business support and financial affairs. We eagerly await the forthcoming budget on 3 March. The latest budget speculation reported by the media is a potential ‘stealth’ tax rise, by freezing current thresholds, as opposed to raising them in line with inflation. For now we can...
Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
January 2021 News Update – featuring additional news developments from our newsletter series Welcome to Prestige Business Management’s monthly news roundup. We will help keep you informed of the latest financial news and developments. Budget day is usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under...
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