Business
March is a very exciting month from a tax point of view with the Budget on the 3rd and a range of tax consultations published on 23rd. In this episode we outline key tax changes for you and your business, as announced in the UK Budget on 3rd March by the Chancellor of the Exchequer, Rishi Sunak.In this budget Rishi Sunak delivered a targeted balance of new tax increases and tax reliefs as he tries to support struggling sectors and stabilise the national debt. With the pandemic creating a once in a lifetime cost to the Treasury, there was little that could be given away, yet the Chancellor could not do anything to curtail an economic recovery. Thus, we saw no headline changes to income tax rates or VAT rates: both impact consumer spending and therefore economic recovery. However, the Chancellor did bring in measures to claw back tax revenues. Some of these were obvious, such as corporation tax changes; others were more subtle such as freezing reliefs and allowances. The Chancellor can only hope for a controlled increase in inflation to reduce the real cost of debt and increase tax revenues as a result. To view the key elements from a tax perspective and questions raised throughout this episode, head to our dedicated budget hub or follow the links below: smithandwilliamson.com/budget2021 S&W LINKS:Capital Taxes - https://bit.ly/38rBRwmIncome Tax - https://bit.ly/3t3pMFyPayroll and employee incentives - https://bit.ly/3qucWyhBusiness Taxes - https://bit.ly/38rNWSiVAT and indirect taxes - https://bit.ly/38t5WvtGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comSOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Ray Abercromby, Julia Rosenbloom, John Manis, Barnaby Redwood, John RainsfordProducer: Laura Burrows View all episodes for the Talking Tax show here: https://smithandwilliamson.com/en/insights-landing/sw-the-pulse/talking-tax-podcast/ smithandwilliamson.comThis episode was recorded on 08/03/2021This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Tax [and Government] legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2020/21. Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.