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4 March 2021: Business fears about a sudden end to support and across-the-board tax rises were largely unfounded, but businesses stand to lose out in the longer-term. Business concerns about a sudden end to coronavirus support and sweeping tax rises have been alleviated by the Chancellor’s Budget speech. Instead, the Chancellor announced a potentially game-changing measure to encourage business investment that could reshape the British economy. This will also play a part in counteracting the 25% Corporation Tax increase, which is set to come in in 2023. In addition, the temporary extension of carry back of trading losses from the one-year entitlement to a period of three years will offset the Corporation tax increase, which will affect businesses with profits greater than £250,000 a year. ....
10 things you need to know about MTD for CT 4 January 2021: As HMRC begins gathering feedback from stakeholders on the potential expansion of the Making Tax Digital regime to corporation tax, ICAEW’s Tax Faculty outline the key things that businesses and agents need to consider. Launched in 2018, the Making Tax Digital (MTD) regime currently encompasses all VAT-registered businesses with a taxable turnover above the VAT threshold and will be extended to all VAT-registered businesses below the threshold from April 2022. From April 2023 MTD will be mandated for income tax for those that receive income from self-employment and/or property, and it is proposed that the regime expands further to cover corporation tax. Current timelines suggest that companies will be able to participate in a voluntary pilot in 2024, with mandation in 2026 at the earliest. ....