Money Matters - February 2021 Accounting Newsletter
Posted on February 08, 2021

We are pleased to offer you a complimentary copy of our latest newsletter.

January saw the end of the Brexit transition period and our main article in this issue covers the changes to the VAT rules for importers.  With the budget due next month, we also cover the suggestion by the Office of Tax Simplification of aligning personal capital gains tax rates with income tax rates.

The articles in this issue are:

  • A makeover for capital gains tax? The publication of a report into simplification of capital gains tax (CGT) suggests aligning rates with income tax rates.
  • Off-payroll changes finally launch in April Changes to the off-payroll working rules that were postponed will take effect from April 21. 
  • Brexit – VAT postponed accounting With the end of the transition period there is a change in the VAT accounting rules for importers. 
  • Ups and downs of capital allowances The date for reducing the annual investment allowance has been pushed back 12 months but a cap on R&D relief will come in from April.
  • New VAT deferral scheme to extend payments Businesses will be able to settle their deferred VAT payments (becoming due on 31 March 21) in up to 11 monthly instalments, interest free.
  • New proposals to promote business confidence The government is planning significant changes to the registry of company information with the aim of increasing transparency and clamping own on fraud and money laundering.

We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.

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