Government urged to confirm plans for major tax changes

(2 minutes to read)

CIOT: ‘We hope the government will confirm its plans in good time, well ahead of the expected March Budget, to create a more stable, predictable environment for businesses and people’.

The CIOT is calling on the government to confirm whether it plans to delay or extend a number of major tax changes set to come into play in Spring 2021.

Due to the ongoing economic impact of the pandemic, the government is being urged to provide clarity by the end of next month in order to help businesses and people plan for 2021 with some confidence.

Significant tax changes for business and individuals due to be implemented in Spring 2021 include:

  • VAT reverse charge on construction services (with effect from 1st March 2021)
  • Changes to the Construction Industry Scheme following the consultation on tackling abuse (with effect from 6th April 2021)
  • Off-payroll working rules – extension to the private sector (from 6th April 2021)
  • Introduction of the additional two per cent rate of SDLT for non-UK resident buyers of residential property in England and Northern Ireland (from 1st April 2021).
  • End of temporary increase in the threshold at which SDLT is payable on purchases of residential property in England and Northern Ireland (the SDLT ‘holiday’ last day being 31st March 2021).

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John Cullinane, Director of Public Policy at CIOT (the Chartered Institute of Taxation), said, “We urge that any decision to extend or delay planned tax changes next Spring is clearly announced by the end of next month in order that business and individuals have adequate time to prepare.

“We hope the government will confirm its plans in good time, well ahead of the expected March Budget, to create a more stable, predictable environment for businesses and people. If we give businesses more certainty now that will be good for our embattled economy, good for business investment, good for much-needed growth and good for government as well.”

“Businesses undertaking extensive preparations for these tax changes and their impacts, such as on cash flow, must know as early as possible, and no later than January 2021, if the Government intends to delay, or extend in the case of the SDLT ‘holiday’, any of these measures as a consequence of the ongoing Covid-19 pandemic. Early notice of any postponement is essential for industry and for individuals to provide certainty, minimise costs and allow for effective deployment of resources.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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