Weekly tax highlights ― 22 February 2021

Produced by Tolley
Weekly tax highlights ― 22 February 2021

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 22 February 2021
  • Spring Budget 2021
  • What to expect
  • Brexit
  • Grants to help SMEs new to importing or exporting
  • Direct taxes
  • HMRC publishes compliance guidance on the changes to the off-payroll IR35 rules for organisations
  • Regulations laid setting out the NIC thresholds for 2021/22
  • Regulations laid revising tax credits, child benefit and guardian’s allowance
  • Agent Update: issue 82
  • More...

In the ever-fast-moving world of tax announcements and developments, this note pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

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Spring Budget 2021

What to expect

The Chancellor of the Exchequer, Rishi Sunak, will deliver the Spring Budget on Wednesday, 3 March 2021. We will, as usual, publish a summary of the key announcements on the same day.

In a letter to the Treasury Select Committee on 18 February 2021, Jesse Norman set out a small change to the approach to releasing consultations on tax matters. He confirmed that announcements that have fiscal implications that need to be captured in the OBR’s economic and fiscal outlook and of measures to be legislated in this year’s Finance Bill will be made on Budget day in the usual way. However, consultations relating to future tax changes will not be published on Budget day (as they have been in the past). They will instead be published, alongside a command paper to be laid in the House of Commons, on 23 March 2021. The letter also says that some documents, which are announced in the Budget and which the Government would usually have published alongside the Finance Bill, will also be published on 23 March 2021. The stated aim of this change is to give greater opportunity for scrutiny by MPs, tax professionals and other stakeholders.

Brexit

Grants to help SMEs new to importing or exporting

HMRC has published guidance on the launch of a new SME Brexit Support Fund to support small and medium sized businesses in adjusting to the new customs and VAT rules which apply when trading with the

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