Last year the Office of Tax Simplification (OTS) proposed that Capital Gains Tax (CGT) rates should mirror Income Tax rates which would have seen the top rate of CGT rise to 45% from 28%, in order to help ‘close the gap’ on the financial burden which has arisen due a direct result of the COVID 19 pandemic.
Securing energy supply to meet growing demand
Kate Forbes delivered the Scottish Government’s Budget for the 2022-23 fiscal year on Thursday 9 December 2021. We outline the tax changes that individuals residing in Scotland should be aware of from a personal tax perspective.
Family businesses have continued to show resilience, innovation and entrepreneurship during the last year with the exit from the pandemic being slower than was hoped. Many businesses have continued to do very well and managed to operate throughout, but with the Federation of Small Businesses recently reporting that almost 20,000 Scottish businesses failed during a year in the COVID crisis, it is clear that the pandemic has been unsustainable for many.
In our 2020 Year in Review, we commented that COVID-19 restrictions would continue for some time into 2021 and “maybe even to Autumn” and that the sustainability challenges would remain. Our outlook was overly optimistic; with the threat from COVID-19, despite the amazing vaccination effort, continuing to weigh down on high street footfall which is critical to the general economy.
Looking back at our 2020 Year in Review for the Construction and Property sector, we summarised 2020 as being a year of ‘unprecedented’ challenges and change, with us recommending that operators in the industry have Cash Management as their main priority to allow them to react quickly to any more challenges the industry faced.
As we look back over the food, drink and hospitality sector in 2021 what are the key words that have shaped the year? Covid, Brexit, human capital challenges, sustainability and organisational agility all immediately come to mind.
With Christmas fast approaching, as an employer you will want to be conscious of the potential tax implications that can arise around the provision of gifts and entertaining to your employees during the festive season.
As we come to the end of 2021 and move forward to the end of the 2021/22 tax year, we are coming up to the P11D reporting period for employee benefits. While P11Ds may be something you have completed for a number of years, it may be worthwhile moving to the Payrolling Benefits scheme from April 2022. This could help streamline and simplify your employee benefit reporting.
A number of temporary measures and restrictions on creditors were implemented by the UK government at the outset of the Covid-19 pandemic in order to prevent businesses being forced into insolvency due to the impact of various lockdowns and social distancing measures on the economy.
The pandemic has ushered in a new model of working, with many businesses considering adopting more flexibility in the longer term. With a longer-term shift to hybrid working seemingly on the cards, having the right foundations for productive team working has never been more important. Recent survey data has acknowledged that there is a shift from employees wanting to work remotely at least half the time. One of the most cited barriers to hybrid working and the blended work approach of having staff and outsourced functions is the dip is productivity.