• Wednesday Nov, 03, 2021

Tax Round Up October 2021

Coronavirus Additional Support

Our monthly tax, accountancy, and practice round up for October 2021.

THE BUDGET

October’s headline news had to be the Autumn budget unveiled by Chancellor Rishi Sunak. However, unlike in previous years there was little to report for small businesses – we summarise the main points below:

• Inflation set to rise to 4% by 2022

• Unemployment set to peak

• Universal Credit to be cut by 8%

• Business rates are set to be reformed

• Hospitality sectors will continue to be supported post pandemic with 50% business rates cut

• Consultation for an online sales tax

• National Living wage to rise to £9.50 per hour

HMRC Extend CGT reporting to 60 days

Whilst many expected a host of changes to CGT in the autumn budget, we were left with the welcome introduction of the extension of the 30 day rule for reporting AND paying the CGT on the disposal of UK residential property.

THE RECOVERY LOAN SCHEME

The RLS deadline is fast approaching (31 December 2021). We have assisted 3 clients apply for the RLS this month.

The scheme generally requires not only finalised and submitted statutory accounts, but management accounts prepared to date. At Kala Atkinson we use bookkeeping software such as Xero, Dext and Fluidly to maintain up to date records so that we can act quickly to satisfy such requirements.

KALA ATKINSON ARE A FIRM OF CHARTERED ACCOUNTANTS BASED IN EAST LONDON.

We have over 30 years experience in helping individuals and small businesses navigate their compliance whilst providing the business advice and the necessary financial tools to grow.

For more information on how we can help you file your tax return contact us today.

 

Click to confirm you have read our privacy policy