Consultation document proposes moving from a current (accounting) year basis to a tax year basis for reporting tax on self-employed profits.
Summary of key points made in the Budget 2021, including measures to mitigate Coronavirus, extended reliefs, tax changes in 2021/22 and beyond.
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
Amendments to the Finance Bill include treating coronavirus payments as taxable income, not disadvantaging those who came out of retirement or usually work abroad to help in the pandemic, treating Covid-19 as an exceptional circumstance for higher rate SDLT reclaims and encouraging Future Fund investors.
Those working from home and employers who encourage their staff to purchase their own home-office equipment and reimburse the expense, can benefit from a temporary income tax and National Insurance Contributions relief introduced as a response to Covid-19.