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- ACCOUNTING ADVISORY
- Advisory
- Alice Stephenson – Founder & CEO, Stephenson Law
- All News
- ALLSTARS EARLY CAREER PROGRAMMES
- APPRENTICES
- April Bembridge – Chief People Officer, Cooper Parry
- Are You Claiming The Right Amount? Gated
- AUDIT – WHAT OUR CLIENTS SAY
- Audit and Assurance
- AUDIT FOR AIM LISTED COMPANIES
- B CORP
- Bundle and Pricing Options
- BUSINESS SERVICES INSIGHTS
- BUSINESS STRUCTURING
- Business Support And Grants
- Business Tax
- CAPITAL ALLOWANCES
- CAPITAL GAINS TAX
- Careers – Our Roles
- Careers Contact Us
- Careers Trainees FAQs
- Charities
- Construction And Property
- Contact Thank You
- Contact Us
- COOKIE POLICY
- Cooper Parry Book Club
- Cooper Parry Event
- CORPORATE AUDIT
- Corporate Finance
- Corporate Finance – What Our Clients Say
- CORPORATE FINANCE DEALS
- Corporate Finance News & Insights
- Corporate Social Responsibility
- Covid-19 Collaboration-news
- CP Futures
- CP Innovation
- CP INNOVATION – WHAT OUR CLIENTS SAY
- CP INNOVATION FULL PAGE. – DRAFT
- CP Tech 100
- CPERS: COOPER PARRY ENQUIRY RESOLUTION SERVICE
- Creative Tax Reliefs
- CULTURE
- DIVERSITY POLICY
- Early Stage To SME- WHAT OUR CLIENTS SAY
- Ecommerce
- Eddie Latham & PJ Scott – Co-founders, Velocity Commerce
- Education
- EMPLOYMENT TAX
- FAQS
- Financial Reporting
- Find Us
- Flexible ‘Finance Bench’
- Future Events
- Galahad Clark – Founder VivoBarefoot
- GLOBAL TALENT PROGRAMME
- GRADUATES
- HEALTHCARE INSIGHTS
- Helena Hills – Founder & CEO, TrueStart
- HIGH GROWTH LOW DOWN
- Homepage
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- Impact Beyond Business
- Impact Beyond Business New template
- In Their Words
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- Inheritance Tax
- Intellectual Property & Patent Box
- INTERNATIONAL TAX
- Investment Calculator UK
- James Hyde – Founder & CEO, James and James
- Jay Richards & Cat Agostinho – Co-Founders, Imagen
- Justin Harling – CEO, CAE Technology Services
- LANDLORD
- LEGAL STUFF
- Let’s Stop Calling It R&D V2 Gated
- Life at cooper parry
- Lounge Underwear Webcast
- MAKING TAX DIGITAL
- Management Information and Reporting
- MANAGING AGENTS
- Manufacturing Tax and Advisory
- Marketing Thank You
- MID MARKET – WHAT OUR CLIENTS SAY
- Mid-Market
- New Hub CP
- New Hub CP Live Lounge
- Newsletter Form
- Newsletter Thank You
- NFP Webcasts And More
- Not For Profit Audit
- Operational Systems & Technology
- Our People
- Meet the Team
- Meet the Team Retail
- Our People – Big Business
- Our People – Board
- Our People – Business Tax
- Our People – Capital Allowances
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- Outsourcing
- OVERSEAS EXPANSION
- Past Events
- Paul Richardson – Executive Chairman, Gymshark
- Paul Turton – CEO, Pact Coffee
- PENSIONS AUDIT
- Personal Tax
- Personal Tax Compliance
- PLACEMENTS
- Preference Centre
- PRIVACY POLICY
- Private Equity Advisory
- PROPERTY AND LANDLORDS
- R&D Capital Allowances
- R&D Newsletter Thank You
- R&D Tax Credits Questionnaire: Are you eligible?
- Raise investment or debt
- Raising Finance
- Read All About It
- Rebelution 2
- Rebelution 2 Top Tips – Cooper Parry Corporate Finance
- Rebelution 2 Top Tips – Cooper Parry IT
- Rebelution 2 Top Tips – Cooper Parry Wealth
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- Research & Development Tax Credits
- Research And Development Tax Credits
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- Retail
- Retail Advisory
- Retail Tax
- Rob Law MBE – Founder, Trunki
- Scale Up & High Growth
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- Service Charge
- Service Test
- SETTING UP BUSINESS IN THE UK
- SHARE INCENTIVES AND REWARD
- Share incentives: Annual Reporting
- SHAREHOLDER TAX ADVICE
- Shaun Doak – CEO, React Group Plc
- Small Business
- SNAPSHOT
- Succession Planning
- Supporting start ups
- SUSTAINABILITY
- Tax – What our clients say
- TAX COMPLIANCE SERVICES
- Tax Services
- TAX SETTLEMENTS AND INVESTIGATIONS
- Tech & High Growth
- Tech & High Growth – What our clients say
- TEN STAGES TO INVESTMENT
- TEN STAGES TO SALE
- Test2
- This Is Us
- Tom and Tina Warner – Co-Founders, Warner’s Distillery
- Transaction Deals
- Transaction Services
- Transaction Services – What Our Clients Say
- TRANSACTION TAX
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- UK support for International groups
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- Virtual FD
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- Wealth- What Our Clients Say
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After much speculation and three weeks on from Rishi Sunak’s Spring Budget, a series of papers were published in a low-key manner by the Government on 23 March 2021 – dubbed “Tax Day” by the press (and tax pundits alike).
Despite more than 30 tax updates being published, the headline announcements haven’t lived up to the hype that preceded them.
We’ve summarised some of what the releases did and, more significantly did not say, below. And if you want to read the detail, you can do so here, although we have warned you!
Capital Gains Tax
It’s been reported for some time that the Government was looking to increase CGT rates, perhaps even aligning them to income tax rates. Well not yet – the Budget offered no announcements on this, and neither did this Tax Day – the consultations were deafeningly silent on CGT.
Perhaps the rumours were wrong, or maybe we’ll hear more on this down the line. For now, this is good news for business owners and investors alike, who plan to make capital disposals.
Tax admin & payments
The Government wants to update and improve the tax system, making tax more straightforward to pay and harder to get wrong. Two separate calls for evidence have been published, requesting views by 13 July 2021, on:
- The tax administration framework – the core legislation, processes and guidance which underpin obligations for HMRC, taxpayers, agents and third parties. Views are being sought on how the framework could be reformed as part of the Government’s commitment to creating a trusted, modern tax administration system.
- Timely tax payments – views are requested on the idea of more frequent payment of self-assessment income tax and corporation tax (for small companies). They could look to align tax payment dates closer to when profit is made, based on in-year information.
Inheritance Tax
A promise has been made to reduce the paperwork and red tape for those dealing with inheritance tax. From 1 January 2022, over 90% of non-taxpaying estates each year will no longer have to complete inheritance tax forms. In the same fashion, a current temporary provision for inheritance tax returns to be provided without physical signatures from all those involved, will be made permanent.
Residential property developer tax
A consultation will be published relating to a new tax on “the largest” residential property developers. The tax will be introduced in 2022 to help pay for the costs of cladding remediation. The consultation will be published in the coming months.
Trusts
Back in 2018, the Government carried out a consultation around trust tax. The responses to this have now been published. In a nutshell, there is no desire for a comprehensive reform of trust tax at this stage.
VAT
A consultation on simplifying VAT Partial Exemption rules, and the associated Capital Goods Scheme, was carried out in 2019. In light of the responses received, HMRC intends to update their internal systems to simplify the existing process.
Transfer pricing
A transfer pricing consultation has been published, seeking views by 1 June 2021. The Government is looking at the current requirements for businesses to maintain transfer pricing documentation, and whether these should be updated.
A question of ‘wait and see’
To sum up, there was not a great deal of substance revealed on the first Tax Day. What there was, however, was a series of signs of intent. No doubt, post-consultation, we’ll all be a little bit the wiser.
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