Latest News from GTN

Umbrella companies - sorting the good from the bad

Contractors have turned to umbrella companies as a hassle-free way of providing their services to clients following the recent changes to the off payroll working rules. They receive no tax savings, but pass on some administration and pay less than a standalone limited company would charge. However, not all umbrella companies are equal.

HMRC’s April interest rate cut

HMRC’s official rate of interest has been cut from 2.25% to 2% from 6 April 2021. This will affect any directors or employees who have a beneficial loan from their employer, as well as directors who have an overdrawn current account with their company. The official rate is also used in some other tax calculations.

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.

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