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AUTUMN BUDGET - 30 OCTOBER 2024

The Budget of huge change. Rachel Reeves delivered her first Budget for the new-ish Labour Government, notable as the first by a female Chancellor in the UK’s history.Prior to the Budget there had been huge speculation about the content. Tax rises were expected, and the Chancellor delivered on that but possibly not quite to the extent expected in some areas.However, it is clear we will all be paying more tax than before. Cynically it is not a surprise that the Government brings in the harder m...

Furnished Holiday Letting - the end is nigh!

In the March 2024 Budget, the then Chancellor Jeremy Hunt announced that the Furnished Holiday Lettings (FHL) regime would be abolished with effect from April 2025.There was a possibility that the new Government might have reversed this decision, but draft legislation has now been published.The draft legislation will, from 6 April 2025 (1 April 2025 for companies), enact the following:Apply the finance cost restriction rules so that loan interest relief will be restricted to basic rate relief fo...

Making Tax Digital – Update September 2024

We wanted to update you with the latest position on Making Tax Digital. For those that don’t know this is a long term project by HMRC (the UK Government’s tax collection agency) to digitalize tax records. The thinking is that digital and more regular filings will reduce the perceived tax gap and ensure the Government collects tax revenues in a quicker fashion. Making Tax Digital has been introduced across the last few years with the biggest impact in the VAT area where all VAT registere...

BUDGET 2024

The key points are covered below. You can also view or download our more detailed booklet by clicking the link above:OverviewMost tax rates and allowances were announced in advance at the Autumn Statement, and the significant new proposals were all predicted – there were no surprisesThese key points include measures that were announced previously but are about to come into forceMeasures which have been announced but will not take effect during 2024 are listed separately belowPersonal taxThe ma...

Company law changes - March 2024

The Government recently passed the new Economic Crime and Corporate Transparency Act. This make some changes to Company law and , in particular, changes filings at Companies House. This blog post is designed to tell you about the main changes that are coming up. These all apply from 4 March 2024...

Autumn Statement 2023

In the weeks leading up to the Autumn Statement, the press was full of speculation about tax cuts. This was a surprise, just over a year after the tax cuts announced by Kwasi Kwarteng were judged imprudent by the international markets, contributing to a fall in the value of sterling and increases in interest rates. Nevertheless, it seemed that a side effect of inflation was that higher incomes and prices had fed through into higher tax receipts; the Chancellor had more in his coffers – more �...

Spring Budget 2023

Jeremy Hunt delivered his second fiscal statement on 15 March 2023. This was a much calmer time than his previous statement in November 2022, given against the financial chaos of his predecessors Budget under the ill-fated Liz Truss Premiership.This Budget was a relatively sober statement and was light on tax measures, many of the changes applicable from April 2023 having been preannounced in the statement last November.The Budget was heavy on investment opportunities to encourage businesses to ...

Autumn Statement 17 November 2022

This was the third fiscal statement this year and the third different chancellor to deliver it. We have had four Chancellors in the UK this year, but Chancellor three of the year, Nadeem Zahawi, didn’t get the opportunity to deliver a fiscal statement at all. Jeremy Hunt’s statement abandoned virtually all the announcements made by his predecessor, Kwasi Kwarteng back in September but went further still. The UK economic position and government finances are not in great shape – Inflation cu...

The Growth Plan

The text below was written at the time of the fiscal statement on 23 September 2022. Since then the original Chancellor, Kwasi Kwarteng, rowed back on the removal of the Additional Rate (45% tax above £150,000 of personal income). After pressure from the financial markets, on 14 October Mr Kwarteng was removed as Chancellor and the Prime Minister Liz Truss, announced that the Corporation Tax cut below would not go ahead. The new Chancellor, Jeremy Hu...

Spring Statement

The Chancellor, Rishi Sunak, gave his Spring Statement on 23 March 2022. This was against a backdrop of rising inflation (6.2% for the year to February 2022) and the impact on economies of the Russian attack on Ukraine. This statement does not usually announce any tax changes, they are usually reserved for the Budget in Autumn, but against the current backdrop some were expected, and the Chancellor did not disappoint. The key changes were as follows:...

Autumn Budget 2021

Rishi Sunak delivered his third Budget as Chancellor on 27 October 2021. This year it was combined with the Spending Review for Government Departments and that spending element did take up the bulk of the speech which was light on new tax measures. The Chancellor certainly enjoyed announcing lots of spending in various areas. Concerns will be at the potential future tax rises to pay for all of this, particularly if the growth forecasts are missed. The Chancellor was keen to promote investment by...

Our new home

We are delighted to bring you the news that Alvis & Company now have a new office. We have moved a very short distance across Hampton. Our new address is 143 Station Road, Hampton, Middlesex, TW12 2AL. Those clients who use our address as their registered office will have seen the changes activated over the last weekend as per our email here: https://mailchi.mp/2e87cdae58d.... Directors and the Person of Significant Control Addresses will be updated in the coming days at Companies House. We...

Budget 2021

A year ago Rishi Sunak delivered his first Budget as Chancellor. That was against the pandemic just starting and events overtook it rapidly. This year, with the pandemic appearing to be coming under control, he had a chance to lay out a future plan to restore the economy. The Chancellor’s second budget painted a grim picture of the UK’s public finances and set out a plan to repair them. Whether we all agree with who bears the burden of that will be argued over the coming weeks and months. Th...

Stamp Duty Land Tax – Surcharge for Non-UK buyers

A new surcharge for Stamp Duty land Tax has been announced and will apply from 1 April 2021 for all buyers of residential property in England and Northern Ireland who are not UK residents (note this new surcharge does not apply in Wales and Scotland). This adds an extra 2% to the usual Stamp Duty Land Tax (SDLT) that would apply. The government believe that foreign buyers of property are artificially causing property price inflation, particularly in London. ...

Winter Economy Plan

Rishi Sunak announced his Winter Recovery Plan on 24 September 2020. This package of measures is designed to limit the impact of the current pandemic on the UK economy. Below we have set out the various measures. Do not hesitate to contact us if you need help with any of these measures....

Plan For Jobs - 8 July 2020

Rishi Sunak set out the Government’s Plan For Jobs on 8 July 2020. It is clear the Government are keen to get the economy going again as quickly as possible and are supporting businesses and employers with targeted measures. There were several important announcements made, as follows:...

Self Employed Income Support Scheme

The Chancellor, Rishi Sunak, announced an extension to the Self Employed Income Support Scheme at the end of last week. This scheme was originally announced in March 2020 to cover the months of March, April and May and claims started from June. You can find out the details of this first grant here: https://www.alviscompany.com/blog/post/10402/Support-for-the-self-employed/ What has now been announced is a further second grant, again for three months, that covers June, July and August 2020. The a...

Coronavirus Job Retention Scheme

The Chancellor, Rishi Sunak, has announced a further extension to the CJRS scheme for employers. Originally this scheme was announced back in March to cover March, April and May 2020, with an original extension to June 2020. What the Chancellor has announced is that the scheme will continue until 31 October 2020 but with some changes. Up until 30 June 2020 the government will cover 80% of the Wages (up to £2,500 per month), plus National Insurance and Pensions contributions for furloughed empl...

Furloughed workers

A number of employers have contacted us asking what to say to employees that they wish to Furlough under the new scheme. We have been struggling for a specific answer because this is completely new employment law being made up in a rush by the Government. Our professional association, the ACCA, have produced a handy template of letters and brief guidance. This is no way replaces the need for good employment law advice but may help some employers who wish to furlough some employees. The file is a...

Support for the self employed

Chancellor Rishi Sunak finally announced some support for the self employed in his 5pm briefing on 26 March 2020. This was welcome news because so far little support had been announced for the self employed other than a deferral of the tax payment due on 31 July 2020 to 31 January 2021 and a VAT deferral for those self employed businesses that are VAT registered. Please note that for the purpose of this article the self employed does include partners in a partnership or LLP that operat...

Coronavirus Business Interruption Loan scheme

We had the opportunity today to listen to a webinar given by Piers Linney, formerly of Dragons Den fame who is also a non-executive director of the British Business Bank. This has been highly intuitive as unlike the famous Ronseal advert from years ago, this loan offering will not be doing what it says on the tin! Some key facts to come out of this: The British Business Bank is not actually a bank, but a Government backed fund.  It therefore does not have a credit license to lend money so w...

VAT payment deferment

The chancellor recently announced fantastic support to VAT registered business with the deferment of paying VAT. To be clear this does not not change the charging of VAT on sales invoices, the claiming on purchases or the filing of the VAT return. This scheme has no impact on the payment on of Corporation tax or PAYE. All it means is that the VAT payments due between 20 March 2020 and 30 June 2020 can be deferred until the end of the 2020/2021 tax year (presumably 5 April 2021). For quarter...

Coronavirus support

Since the Budget on 11 March the Government has announced a raft of support for businesses during these unprecedented times. We have sent various emails about this over the past few days but I am pleased to say that the government have now published a specific website with all the help available and how to access it. The website can be found here: https://www.businesssupport.go... You can also read our emails here , here and here There is still a significant lack of support for se...

Spring Budget 2020

“Getting it done” was the constant refrain of Chancellor Rishi Sunak during his first Budget, delivered on 11 March 2020. An ironic phrase given this budget was originally scheduled for November 2019. The original Budget being delayed by the election. Of course, that original Budget was due to have been delivered by Sajid Javid who resigned from Government just four weeks ago. It has been a very long time since the last Budget announcement on 29 October 2018 and so much has happened politica...

Company cars - Electric vehicle opportunity

Our general advice on company cars has been to avoid them. When you are the owner/manager of a business the personal tax and National Insurance costs far outweigh any benefit and it made no financial sense to have a company car. Well that advice is changing, but only if you are happy to have a fully electric vehicle or a hybrid car then there may be an opportunity here. If you are wedded to a vehicle that emits lots of Co2 then this is not for you but if you are happy to drive a lower emiss...