This article was last updated on 3 March at 11:00.

The Chancellor Rishi Sunak delivered his second Budget earlier this afternoon, setting out his three-point plan to protect jobs and livelihoods, fix the public finances and build the future economy. Tax thresholds and allowances have been frozen, but key tax increases are delayed to another day.

The reduced rate of 5% VAT which was brought in to support the hospitality sector will remain in place until the end of September 2021.

Today’s Budget includes a repeal of the UK’s domestic legislation implementing the EU Interest and Royalties Directive (IRD), effective from 1 June 2021. This legislation (sections 757 to 767 of the Income Tax (Trading and Other Income) Act 2005) provided an exemption from withholding tax on intra-group interest and royalty payments from UK to EU companies. Taxpayers should therefore […]

COVID-19 support fraud and tax avoidance The Government will invest heavily in a Taxpayer Protection Taskforce of 1,265 HMRC staff to combat fraud within COVID-19 support packages, inclusive of Coronavirus Job Retention Scheme and Self-Employment Income Support Scheme. To defer fraud, they are to raise awareness on enforcement action together with strengthening the law enforcement for Bounce […]

  haysmacintyre’s VAT experts, Kamlesh Chauhan and Stephen Patey, teamed up with MSI Global Alliance members Cathal Cusack from Cusack Garvey and Peter Kranendonk from Ruitenburg Adviseurs & Accountants, to record two Q&A sessions on post Brexit trading for UK businesses. Focusing on both B2B and B2C, the session responded to a variety of questions […]

In a recent article for EPrivateClient, Katharine Arthur, Partner and Head of Private Client, comments on the recent Budget announcements. To read the full article, click here.

In a recent article for The Wealth Net, Katharine Arthur, Partner and Head of Private Client, comments on the recent Budget announcements. To read the full article, click here.