Business rates relief for retail, hospitality & leisure extended

dinc_admin


March 3, 2021|In KRW Tax news|By dinc_admin

The current business rates holiday for certain sectors including retail, hospitality and leisure has been extended to 30 June 2021, as expected, with a 2/3rds discount then applied for 9 months up until 31 March 2022, to allow businesses in these sectors time to recover. Nurseries will also qualify.

For further advice on this matter, please contact me.

Keith Witchell

Director



Tax relief for losses extended to allow 3 year carry back

dinc_admin


March 3, 2021|In KRW Tax news|By dinc_admin

In a bid to help businesses adversely affected by COVID, the usual rules that allow a business to carry back losses for one year have been amended to allow losses made in the 2020/21 and 2021/22 tax years to be carried back and offset against profits in the previous 3 years. Alongside this the usual cap on losses that can be carried back of £50,000 has been increased to £2 million.

For further advice on this matter, please contact me.

Keith Witchell

Director



VAT cut for hospitality & leisure sectors extended

dinc_admin


March 3, 2021|In KRW Tax news|By dinc_admin

The current much needed VAT cut to 5% for the hospitality and leisure sectors was due to end on 31 March 2021, but the Chancellor announced earlier today that it will be extended until 30 September 2021, after which it will be increased to 12.5% until 31 March 2022.

For further advice on this matter, please contact me.

Keith Witchell

Director