UK Budget News – Translate Company Wed, 20 Oct 2021 08:46:16 +0000 en-US hourly 1 UK Budget News – Translate Company 32 32 Fall 2021 budget: forecasts for entrepreneurs Wed, 20 Oct 2021 08:21:54 +0000

The fall 2021 budget is due next week, Wednesday, October 27, and as the country’s finances have taken a hard hit since March 2020 – due to government support for workers and businesses during the coronavirus pandemic, it is expected that there will be changes to the tax system to help restore the balance.

But many tax changes have already been announced, and two of the most important changes to come will have a direct impact on the UK contract industry, writes contract accountant Patrick Gribben, head of client services at Intouch Accounting.

In particular, corporate tax rates (corporate tax) are expected to increase from 2023, and rates of national insurance contributions and dividend income are expected to increase by 1.25% from April. 2022.

But what else could Chancellor Rishi Sunak have up his sleeve, in terms of changes in the fiscal landscape and what the impact might be on entrepreneurs?

Modification of the assessment period for self-employed workers

Aimed at independent traders, partnerships, and other unincorporated businesses (so not subcontractor limited liability companies), this potential change in Mr. Sunak’s red book would not, on its own, generate more taxes.

But because it focuses on taxing corporate trading profits in the tax year in which they arise (instead of the accounting period ending the tax year), it would offer potentially an increase in cash flow to HMRC. Given the high cost of covid, imposing some taxes in the treasury earlier than expected will be a hard outcome for the Chancellor to refuse.

Capital gains tax

There have already been some changes in the CGT tax in recent years, including restrictions on taking income in the form of a distribution of capital for those seeking to carry on a “trade or similar activity” within 24 months of dissolution. of a business, and the lifetime allowance cap for BADR (formerly Entrepreneurs’ Relief) of £ 10million to £ 1million.

But the Office for Tax Simplification has explored other ways to simplify the tax system in various areas, and one of the suggestions is that the capital gains tax rates be aligned with those of the income tax. Income.

Thus, the maximum rates would drop from 18% for base rate taxpayers and 28% for higher rate taxpayers, to 20% and 40% respectively. Given the scale of the increase, this is certainly an issue to watch on Wednesday, especially for entrepreneurs who plan to sell assets, including investment property.

Inheritance tax

The IHT is a complex tax area and the OTS has looked into this area as well.

But IHT is also becoming an increasingly important source of income for HM Treasury and it is not impossible that there are “simplifications” that could generate additional income for HMRC.

Personal allowance

The personal allowance is expected to be maintained at current levels up to and including the 2025/26 tax years.

With inflation currently higher than expected, the real value of the personal allowance will be eroded over this period, which, added to the current upward pressure on wages, will mean more people will pay more. taxes.

But given that the tax-free abatement affects millions of people and its trajectory is currently already set, Mr Sunak tinkering around here seems unlikely.

Non-salary rules

Eagle-eyed ContractorUK readers will have noticed that I haven’t touched on IR35 yet.

Well, the changes to the no pay rules have been “interesting” to say the least.

Positively, we are starting to see evidence that some end lessors are working under reformed legislation (effective April 6, 2021) to engage with subcontractors on an external IR35 basis. However, there is still an element of confusion about the rules and their application. So there is still a long way to go before normalcy returns.

Due to this double confusion, one or two clarifications on IR35 from the Chancellor in Wednesday’s fall 2021 budget could be helpful. But in reality, Mr. Sunak is unlikely to feel the need to be too bold – in the entrepreneurial sector or elsewhere, given these large tax hikes already pending. Who knows; in pursuit of the status quo we all want after the pandemic, don’t be surprised if Mr Sunak uses the budget to sort out the small details, like closing some of the active consultations in areas like the R&D regime and changing the end of the tax year.

But finally, beware of the horrors hidden on the eve of Halloween

All in all, I don’t expect any nasty surprises that directly affect LLC entrepreneurs again, but with this year’s budget so close to Halloween, the devil will really be in the details.

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Solskjaer ‘will not be sacked’ as Manchester United ‘align £ 70million budget for January’ on one condition Sun, 17 Oct 2021 09:39:16 +0000

Welcome to the United in my mind every day, where we take a look at some of the best Manchester United stories you might have missed.

Following Saturday’s 4-2 loss to Leicester, United boss Ole Gunnar Solskjaer has dominated the headlines for the past 24 hours.

Ole’s job is safe

Although many Manchester United fans believe it might be the end of the road for him, Ole Gunnar Solskjaer’s job appears to be in good hands.

Athletic have reported that the Norwegian, although he has only won two of the last seven games, will not be sacked by United as he has a lot of bank credit among the board.

United now see themselves breaking out of the top four and with Liverpool, Tottenham and Manchester City coming in the coming weeks, the situation could get significantly worse.

Solskjaer will have a lot to do to rally United loyalists but it looks like he has the full backing and backing of the board.

United have £ 70million budget for January transfer window – on one condition

Manchester United have spent a lot again this summer to bring Jadon Sancho, Raphael Varane and Cristiano Ronaldo to the locker room and the spending is unlikely to end there.

Ole Gunnar Solskjaer will have more money to spend in January if his team are in a good position

According to The Daily Star, the Manchester club will have an additional £ 70million to spend in the mid-season transfer window, but that money will only be available for Solskjaer if the board considers the club to be able. to support a challenge for the title.

The report suggests that Solskjaer knows that if United are on the hunt for glory by Christmas, they will be rewarded with additional financial support to continue a major push in the race.

Neville criticizes United’s performance

Former United right-back Gary Neville never shies away from voicing his opinions and it’s no different today.

Following United’s poor result at King Power Stadium on Saturday, Neville discussed his former team’s recent performances. He said Air sports: “The performance has been so poor all season in terms of team performance. There have been good results and great individual goals, but the overall performance and unity in possession and out of possession have been poor. . “

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“It’s breathtaking and scruffy to watch,” added the United legend. “When you play a team with a clear organization and methodology, you are going to break up and that’s what happened.”

“Manchester United right now is out of balance. Performance is now getting what it deserves in terms of results. That has to change. Performance has to be much better,” he said.

Don’t hold back, Gary!

What do you think of Manchester United this season? Follow our trend author United on my Mind Anil Kandola and let us know your thoughts in the comments section below.

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UK Tory lawmaker David Amess reportedly stabbed to death Fri, 15 Oct 2021 20:39:53 +0000

LEIGH-ON-SEA, England – For the second time in just over five years, a British lawmaker meeting with voters has been killed in public view, this time in a distinguished seaside town, where the victim, a member of the Conservative Party of Parliament, was fatally stabbed on Friday inside a church.

The attack stunned the British political establishment, raising questions about the safety of lawmakers at a time when the country is already on edge, pissed off by food and fuel shortages, and unraveled by a political culture that is became more and more raw and combative following Brexit.

Lawmaker David Amess, 69, was a longtime member of the House of Commons known for his soft voice and harsh views on Brexit. He was engaged in the daily political routine of meeting with voters when the attack occurred in Leigh-on-Sea, at the mouth of the Thames, about 40 miles east of London.

Police said they arrested a 25-year-old man on suspicion of murder and recovered a knife from the scene. But they did not identify the perpetrator or provide further details. They said the investigation would be carried out by counterterrorism agents, suggesting it would be treated as an act of terrorism.