Annual Investment Allowance
There was no change announced for this and the last update was the extension of the AIA temporary 1 million until the end of 2021.
Alcoholic Tax
The extra tax on fuels and all alcohol types is frozen for the next year and the increased planning is cancelling.
Mortgage Guarantee Scheme
A new mortgage assurance scheme starts this year in April. This is a guaranteed scheme to lend money across the UK that offers mortgages to people with a payment of just 5% on houses with a value of up to £600,000. Under the program, all buyers will have the opportunity to fix their initial mortgage rate for the first five years should they desire to.
COVID Relief:
Retail, hospitality, and luxurious real estate in England will be given 100 per cent business rate relief till 30th June 2021. Nurseries also qualify the same behaviour as the above. Also, from the new tax year, the loan scheme for the opening of new businesses to relieve the economy of the country is expected to have guaranteed 80 percent recovery.
Also, restart grants will also be given to non-essential retail businesses and hospitality and leisure which may not be open till the end of the year and will be given £6,000 and £18,000, respectively.
Accounting and tax services by Account Ease (AE)
With the New Year and many tax changes, let Account Ease do the strenuous tasks of accounting and taxation for you with the help of our team of experts and accounting software. We can also provide services of annual accounts and tax filing services.
We have a plan for everyone whether it is small businesses, start-ups, or contractors. The new tax year will bring many changes and we can understand and merge them into your business in the perfect manner. You can have all your accounting and tax services done starting from £39.50.
In today’s world, the biggest problem is the current going epidemic. Account Ease will help the businesses for planning their current and long-term goals.
We offer year-end accounts services according to the financial reporting standards in the form of balance sheets, income statements that are easy to comprehend. Companies that fail to submit annual reports can be fined up to £1,500 and this task is difficult for someone unfamiliar. Our services can make them simpler for you.
Also, all the organizations must submit CT600 to HMRC at the end of the accounting year the failing in submission can lead to penalties. This corporation Tax Return must be submitted in a specific format which is difficult without the help of accountants. Account Ease provides these services for you at a very low budget starting from £350.
Conclusion:
According to the economists and tax experts, the coming year will be of interest as it is clear from these and many other amendments that every organization is going to pay for the COVD-19 effects and going to live in these consequences for more than just a year. So, in these times let us bring ease to you. We are available anywhere at any time with our best team of experts for creating all kinds of accounting solutions.
