Monthly Archives: October 2021

Time to tighten the belt ?

Later this week (27 October 2021) Rishi Sunak will present his second budget during 2021. It is likely that reduced public expenditure and higher taxation will be features of this budget as the Treasury seeks to limit any further rise in government borrowings. The Chancellor will also have in mind increases in inflation and the […]

New global tax system

To tax multinational companies on business transactions completed in the UK, our government introduced the Digital Services Tax (DST) April 2020. The US response was to threaten to levy tariffs. However, a compromise has been reached that will see the introduction of a global system that will ensure multinationals do pay their fair share of […]

Time to let your hair down.

We are all due a little rest and recuperation. The last eighteen months have been challenging and stressful. If, big if, COVID infection is contained this winter, perhaps we could start to consider celebrating with and family and friends during the Christmas break. And why not fund a “business” related event that will have the […]

What is cabotage?

Although it sounds like a culinary dish – a cabbage compote (?) – cabotage is defined as the transport of goods or passengers between two places in the same country by a transport operator from another country. Its present relevance is a rule that restricts hauliers from the EU who can only make two cabotage […]

Tax year end – all change?

At present, self-employed traders (sole traders and partnerships) are taxed for each tax year on profits for the accounting period ending in that tax year. Therefore, if a trader’s accounting year end is 31 December, their assessment for 2021-22 will be based on adjusted profits for the year ending 31 December 2021. Which means that […]

Better late than never

A recent HMRC press release confirmed that sole traders and buy-to-let property businesses (but not incorporated businesses) will have an extra year to prepare for the digitalisation of Income Tax. Recognising the challenges faced by many UK businesses and their representatives as the country emerges from the pandemic, and having listened to stakeholder feedback, the […]