The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech, he set out the plans to “build back better” with ambitions to level up and reduce regional inequality.
It is rarely an edifying sight seeing lawyers line up against each other, especially when it is over cake. But just that has happened as M&S have alleged Aldi’s Cuthbert the Caterpillar cake infringes their trademark for their Colin the Caterpillar cake.
It is intriguing to know that with a little careful planning it is possible to earn £37,370 tax free each year. This is because of the tax-free allowances attached to certain types of income. So what better way to start a new year tax year, than with a little tax efficiency planning.
As we conclude our series of Insights into the recent Budget, it’s worth a quick reminder that HMRC are likely to be taking a robust approach to Covid 19 fraud and late payment of tax.
Unsurprisingly perhaps, the recent Budget made provision for continued financial support for businesses, particularly the hospitality sector. In this week’s Insight, we summarise the main areas which may assist you as your business transitions out of lockdown and gets back to business.
In addition to navigating a post-COVID world, there are a number of areas covered by the recent Budget which employers need to get to grips with. In this week’s Insight, we take a brief look at the new IR35 provisions as well as Government initiatives in respect of apprenticeships and traineeships, and increases to the National Minimum Wage.
As businesses and entrepreneurs start to recover from the impact of COVID 19, the government has to walk the fine line of recouping some of the massive financial support that’s been provided to support businesses and workers alike, whilst continuing to support them through the economic recovery. So, in the next few weeks, we’ll be examining some of the details of the recent Budget and how they may affect businesses and entrepreneurs.
Helping Your Children and Grandchildren
There are a number of tax efficient methods by which you can help your children and grandchildren. Funding these opportunities may be a lifetime gift reducing your estate for inheritance tax purposes. They may also generate tax benefits for your children and grandchildren with either tax credits at source or reduced income tax liabilities within a family.
Inheritance Tax, tax efficient investments, pensions and helping the grandchildren
Following on from this month’s Budget, in today’s Insight, we take a look at a number of areas covered by the Budget that may be important as part of your financial planning and strategy.
