{"id":1846,"date":"2021-11-25T11:01:00","date_gmt":"2021-11-25T11:01:00","guid":{"rendered":"http:\/\/www.pmabookkeeping.co.uk\/?p=1846"},"modified":"2021-11-25T11:02:36","modified_gmt":"2021-11-25T11:02:36","slug":"autumn-budget-2021","status":"publish","type":"post","link":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/autumn-budget-2021\/","title":{"rendered":"Autumn Budget 2021"},"content":{"rendered":"\n<p>The Chancellor made no new announcements in respect of tax penalties, compliance and administration in his Autumn Budget 2021.\u00a0<\/p>\n\n\n\n<p><strong>Discovery Assessments<\/strong><\/p>\n\n\n\n<p>With retrospective effect:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Finance Bill 2022 will include amendments to the Discovery provisions to ensure that HMRC can use its powers of discovery to recover certain tax charges, including the High-Income Child Benefit Charge (HICBC), Gift Aid donation-related charges and some pension charges.&nbsp;<\/li><\/ul>\n\n\n\n<p>All of the following changes had been pre-announced prior the Budget.<\/p>\n\n\n\n<p><strong>&nbsp;Making Tax Digital<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Making Tax Digital for Income Tax delayed until April 2024.<\/li><\/ul>\n\n\n\n<p><strong>Changes to basis periods<\/strong><\/p>\n\n\n\n<p>From April 2024<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Legislation will be included in Finance Bill 2022&nbsp;to simplify the basis period rules for the self-employed and partners.<\/li><li>This will now include a more flexible use of overlap relief in the transition year and provisions to reduce the impact of transition profits on allowances and benefits.<\/li><li>See&nbsp;<a href=\"https:\/\/www.rossmartin.co.uk\/sme-tax-news\/5646-consultation-income-tax-basis-priod-reform\" target=\"_blank\" rel=\"noreferrer noopener\">Consultation: Income Tax Basis Period reform<\/a>.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Tax Penalties<\/strong><\/p>\n\n\n\n<p>From 1 April 2022<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>New late submission and late payment penalties for VAT apply for VAT registered businesses.&nbsp;<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Chancellor made no new announcements in respect of tax penalties, compliance and administration in his Autumn Budget 2021.\u00a0 Discovery Assessments With retrospective effect:&nbsp; Finance Bill 2022 will include amendments to the Discovery provisions to ensure that HMRC can use&hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-1846","post","type-post","status-publish","format-standard","hentry","category-latest-news"],"_links":{"self":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1846"}],"collection":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1846"}],"version-history":[{"count":2,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1846\/revisions"}],"predecessor-version":[{"id":1848,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1846\/revisions\/1848"}],"wp:attachment":[{"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1846"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.pmabookkeeping.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}