In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period.
In the Budget on 3 March, the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023.
The Supreme Court has ruled that drivers for the ride hailing app Uber are workers not self-employed individuals and hence are entitled to holiday pay, pension rights and the right to be paid the national minimum wage.
The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies started from 6 April 2021.
The existing apprenticeship scheme will be joined by a new flexible scheme, and employer incentives will be improved.
Those looking to buy a new home or get onto the property ladder will be pleased to hear the latest announcements regarding the stamp duty threshold and 5% mortgage schemes extension.