Budget 2021 has set the economy on a revival path with the stimulus package. With business conditions changing and growth ahead in all spheres, outsourcing is on the rise to make new failsafe plans for the road ahead.

Business Taxes

  • The rate of corporation tax will increase to 25% in April 2023
  • Small profits corporation tax rate of 19% for Small Businesses
  • A 130% ‘super deduction’ for capital investments in qualifying new plant and machinery

Financial accounts outsourcing from CnB will help to plan and assess your business performance and profitability. CnB Consulting can evaluate your finances and prepare a budget to get rid of unnecessary costs and also help in saving on tax and interest.

Capital Taxes

  • CGT annual exempt of £12,300 for individuals and £6,150 for most trustees to continue up to 2025/26 tax year.

CnB Consulting can help you prepare balance sheets that set out assets and liabilities. A detailed report on income, investments, loans, expenditure, and equity gives a snapshot of where your business stands in terms of money.

Income Taxes

  • Personal allowance threshold frozen at £12,570 from 2021/22 to 2025/26.
  • Basic and higher rate income tax thresholds frozen at £37,700 and £50,270, till 2026.
  • Pensions lifetime allowance frozen at £1,073,100 till 2026.

CnB Consulting’s Outsourced Bookkeeping helps you track your expenses and income by which you can avoid overpaying taxes. These records not only help in filing tax returns or audits but also come in handy while applying for a loan.

Payroll and employee incentives

  • Reliefs for home office expenses have been extended.
  • Technical amendments will be made to the off-payroll working rules.

Cnb Consulting’s Outsourced payroll solution can handle all the complexities of payroll processing for your business. Our aim is to reduce processing costs while ensuring accurate and streamlined execution of your payroll and compliance needs. We also handle employee compensation for tax optimization, insurance coverage for employees at all levels, and full & final settlement of employees.

VAT and indirect taxes

  • The stamp duty land tax holiday on property up to £500,000 will be extended till 30 June 2021, then tapered off until 30 September.
  • The temporary 5% reduced rate of VAT for hospitality and tourism businesses will be extended by 6 months, followed by a 12.5% rate for 6 months.
  • The VAT registration threshold will remain at £85,000 until 31 March 2024.

CnB Consulting can prepare financial statements to see the performance of various fields to check the profitability. Our analysis gives you a picture of fixed costs and variable costs along with cost per sales. We assist in VAT Compliances of filing returns, taxes in order to take advantage of the reduced VAT rates.

Businesses in the fast lane needs to be transparent about the financial health of the company and government compliance. Businesses may go off track while juggling their day-to-day activities and managing complex finance and accounting process. A support system such as an outsourcing company like ours can save you from ugly surprises.

Our highly skilled and experienced advisors are hands on about helping businesses across all verticals to achieve their financial goals. Our cost-effective solutions driven by industry experts have pulled many a business form the rut. Our technology-driven solutions are quick and help you get to the insights you are looking for faster.

If you would like to know more on how CnB Consulting can help you in your financial journey, do contact us today at info@cnbconsulting.co.uk