What changes could be announced in the next Budget?

Recently, there has been much speculation about the future of capital taxes, including capital gains tax, inheritance tax and a possible wealth tax.

In July 2020, the Office for Tax Simplification (OTS) carried out a review of the Capital Gains Tax system. Their recommendations covered three key areas: rates and boundaries, the annual exempt amount and capital transfers. If we look more closely at these recommendations, they give some valuable pointers to possible changes. Read more

Loans of up to £10 million

The Recovery Loan Scheme is designed to help businesses of any size to access loans and other kinds of finance, so that they can recover from the pandemic. Loans of up to £10 million can be obtained for a variety of business purposes, including managing your cash flow, investment and funding growth. The loans are available through a number of lenders accredited by the British Business Bank. The scheme is open until 31st December 2021, but this is subject to review. Read more

Portal for 5th SEISS grant now open

The Self-Employed Income Support Scheme (SEISS) has been the main source of government funding for self-employed individuals affected by the Covid-19 pandemic. The portal for claiming for the 5th grant is now open and will close on 30th September 2021.

This latest SEISS grant’s rules are broadly similar to those for grant four, with the main difference being the introduction of the new turnover test, which determines how much you can claim. Special rules apply for partnerships. Read more

Please note that you can only claim the SEISS grant if your business has been adversely affected by COVID-19.

Tax and financial strategies 2021-22

Read our annual update on tax and financial strategies, which covers the following areas:-
Personal tax essentials
Business tax strategies
Tax and employment
Business exit strategies
Personal and family financial strategies
Retirement planning strategies
Savings and investment strategies
Tax-efficient estate planning

It is important to have a robust business and personal financial strategy in place, to help ensure that you and your family achieve your long-term goals. For a review, please do get in touch with the Tax Team at DRG Chartered Accountants to discuss your personal circumstances.