Latest News from GTN

New tax year opportunities

Some tax planning should happen before the end of the tax year; but the start of a new tax year also presents opportunities. With many people experiencing a drastic change to their circumstances due to the pandemic, it is more important than ever to keep on top of your tax affairs.

Changing tax payments for SMEs

As making tax digital extends to businesses and landlords from April 2023, the government is considering whether to increase the frequency of tax payments, both for the self-employed and companies.

Freeport tax incentives

Among the development measures the Chancellor announced in the March Budget were eight new freeports in England. These are due to enter operation in late 2021, with each freeport including a defined tax site within which a range of tax incentives and reliefs for businesses will apply. These tax breaks will mostly last for five years.

Off-payroll status communication

From 6 April 2021, any medium or large-sized organisation engaging a worker operating through an intermediary will be responsible for determining the worker’s employment status. This status must then be communicated to the worker and to any party contracted with for the supply of the worker, such as an agency.

The mid-pandemic Budget

While the pre-Budget Treasury leaking machine appeared to flag many of the Budget measures announced, the Chancellor still managed to produce some surprises on Budget Day.

Government extends date on which late payment surcharges apply to 2019/20 tax returns

The Government has provided more help to Self Assessment taxpayers by extending the date from which the 5% surcharge applies for late paid tax in respect of 2019/20 tax returns.

Singapore Budget 2021

The 2021 Singapore Budget which was delivered yesterday remains expansionary with an overall expected budget deficit of S$11 billion in financial year (“FY”) 2021. The Government will continue COVID-19 support measures worth S$11 billion to targeted industries which continue to be affected such as aviation and tourism.

Capital Gains Tax Proposed Reforms

Following on from the Chancellor’s request for a review of capital gains tax, the Office of Tax Simplification (OTS) has undertaken a study and has recently published its findings. In its report, the OTS highlights several areas that are currently not fit for purpose. In this article we will focus on the proposed changes.

Brexit update on Social Security

The EU has notified the UK that all Member States have expressed their wish to opt-in to apply the detached worker provision. This means that workers moving temporarily between the UK and the EU will continue to pay social security contributions in their home state, and receive necessary healthcare treatment in the country where workers are temporarily posted.

No tax surprises in Scottish Budget

The draft Scottish Budget has been presented in the Scottish Parliament ahead of March’s Westminster Budget. Income tax rates are unchanged and most tax bands rise in line with inflation. The temporary increase to the starting point for land and buildings transaction tax will end as planned. However, without a working majority, the Scottish Nationalist Party (SNP) will need opposition support to pass its budget.

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