On 3 March the government confirmed it will reform the penalty and interest regimes for VAT and income tax self assessment (ITSA). The measures will bring significant changes and will first apply to VAT returns from April 2022 before being extended to ITSA returns.
The criteria for the fourth and fifth SEISS grants will include 2019/20 self assessment tax return data and widen the scheme to hundreds of thousands more taxpayers, but close it to others. Ahead of legislation and HMRC guidance ICAEW’s Tax Faculty explains what we know so far.
ICAEW's Tax Faculty provides a summary of the announcements on tax and related matters in the 2021 Budget on 3 March, covering: business tax, COVID support, duties, employment taxes, environment taxes, international taxes, MTD, personal tax, property tax, tax compliance and VAT.
5 March 2021: Expectations were riding high for a Budget that delivered on the ‘build back better’ promise. But despite several promising initiatives, when it came to substantive green measures it was found wanting.
5 March 2021: The Budget provides the basis for this week’s chart, which illustrates government plans to achieve a current budget surplus to meet a new fiscal rule that hasn’t yet been formally announced but was hinted at.
5 March 2021: For those wanting to green their personal finances, this Budget offers new ways to put your money to work for the benefit of the planet. ICAEW’s Philippa Kelly highlights what savers and investors might want to look out for.
4 March 2021: Chancellor Rishi Sunak has unveiled a new fraud taskforce to clamp down on criminals who exploit the government’s COVID support schemes.
The government’s coronavirus support schemes will be extended beyond the timetable for opening up the economy, to help recovery. ICAEW’s Tax Faculty highlights the main Budget announcements.