Clients first.
Budget Update 2021
On 3rd March 2021, Rishi Sunak announced the Governments latest
spending plans. The main points are summarised below.
Business taxes
Corporation tax - In April 2023, companies with
profits over £250,000 per year will see the rate of
corporation tax they pay on those profits rise from 19% to 25%.
The higher rate still leaves the UK with the lowest corporation
tax rate in the G7.
Smaller businesses with profits under £50k will continue
paying the lower rate of 19%. Business with profits between
£50,000 and £250,000 will pay a rate that will be
tapered accordingly. Therefore, only businesses with profits over
£250,000 will pay the higher rate of 25%.
VAT and business rates cut - A VAT cut for the
hospitality and tourism industries will be extended for six months
until 30 September. From October to April 2022 there will be a
12.5% interim rate before returning to 20%.
The VAT registration threshold of £85,000 has been frozen
for 2 years.
Hospitality and leisure businesses will pay no business rates for
three months to the end of June and then one third of their normal
rate for firms forced to shut for the final nine months of the
year to March 2022. There will be a lower cap for those able to
stay open.
New Super deduction – a new “super
deduction” allows firms who invest to reduce their taxable
income by 130% of the cost of the investment. For example,
investing in new equipment of £50k could cut taxable profits
by £65k.
Summer 2020
New offices
Back in late February, we moved into our new Sheffield offices,
The Old Workshop.
Although life has been anything but normal since then, we are
delighted with our new abode. Purpose-designed for our team of 60
to work in over 10,000 sq feet of creatively organised space.
(The Shuffleboard table is an inspired addition!).
Stormzy pledges £10m over 10 years to fighting racial
inequality
Stormzy said he was making his £10m donation to fight racial
inequality because "the uncomfortable truth that our country
continuously fails to recognise and admit, is that black people in
the UK have been at a constant disadvantage in every aspect of
life - simply due to the colour of our skin".
Amar Latif is cooking up a storm on Celebrity
MasterChef!
TV presenter Amar Latif is through to the semi-finals of
BBC’s Celebrity MasterChef. He entered the famous kitchen as
the first ever blind contestant on the show.
Amar initially turned down the offer, agreeing to appear on the
show after MasterChef approached him again. He says: "I met
up with them and told them I couldn’t cook, but I never give
up.”
“I never see obstacles. I was an accountant when people said
I couldn’t be an accountant. When people told me I
couldn’t travel the world as an independent blind person, I
made it happen by setting up the world’s first company that
enabled blind people to get out on their own. And obviously
television. So I thought, ‘Great, let’s do
it!'”