Alcohol dutyAlcohol duty rates will be frozen, and the system will be heavily reformed and modernised, following a period of review. A consultation has been launched with a closing date of 30 January 2022. The main thrust of this is to more… Read more

Early hopes of a cut in VAT on energy costs proved to be incorrect, and VAT announcements were relatively few and far between. The new points-based penalty regime for VAT is confirmed to commence for accounting periods starting on or after 1… Read more

30-day reporting reformCertain gains on UK-sited property are currently subject to accelerated CGT reporting and payment deadlines of 30 days. Following a recommendation by the Office of Tax Simplification, the deadline is being increased to 60 days with immediate effect,… Read more

Banking companiesBanking companies are subject to a surcharge of 8% on their profits, i.e. above the standard rate of corporation tax, subject to an allowance of £25 million. When the main rate of corporation tax increases to 25% in 2023,… Read more

Business rates will be retained and reformed, rather than scrapped. There will be no rises for 2022 for any business – the second consecutive year that levels have been frozen. In addition, a 50% cut (subject to a maximum of… Read more