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Further Information About The Chancellor’s March 2021 Budget

In the Budget on 3rd 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. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the tail when the equipment is sold, as the clawback on disposal is potentially at the same 130% rate. So, if a new item of plant cost £100,000 the company would be able to deduct £130,000 in arriving at taxable profits thus saving £24,700 in corporation tax at 19%.

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The Chancellor’s March Budget 2021

In the Chancellor’s second real Budget on 3rd March 2021 he announced that he had to level with people about the state of the UK economy. Prior to Budget day there were fewer leaks than normal about possible tax changes.

There were however announcements prior to Budget day of grants for High Street businesses and the hospitality sector and the widely predicted extension of the furlough scheme.

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Top Tips for Driving Your Business Development Efforts

Top Tips for Driving Your Business Development Efforts

Business Developments (BD) is often misunderstood. Some might say that it’s all about relationships, another will say it’s all about sales and others will talk about marketing. They are all right, in a way. BD is the creation of long-term value for a firm, through effective management of customers, markets and relationships.

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Deliver Effective Training Remotely

Deliver Effective Training When Working Remotely

Providing training for your team when they are working remotely can be challenging.

Delivering a training session to a room full of people can be difficult enough. Engaging with your audience remotely presents a whole new challenge.

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Time to Review Your Will?

Time to Review Your Will?

Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once property is acquired or when children come along.

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New VAT Rules For Construction Sector Start on 1 March 2021

New VAT Rules For Construction Sector Start on 1 March 2021

New VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of the changes in the industry.

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When is it necessary for a business to register for VAT?

Do you know if your trading income for the last twelve months and estimate for the next twelve months?  If either of these are likely to be over £83,000 you will need to register for VAT, but you may wish to voluntarily register due to the type of business or for commercial reasons. 

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Making Tax Digital – HMRC Quarterly Accounting

Making tax digital is the government’s aim to bring all accounts, tax returns and other tax items within an online filing system. 

Whilst this is not occurring for a few years you should not be complacent and we recommend going digital and online accounting as soon as possible to ensure you are ready when quarterly accounting to HMRC comes into force.

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