S&W The Pulse

March is a very exciting month from a tax point of view with the Budget on the 3rd and a range of tax consultations published on 23rd. In this episode we outline key tax changes for you and your business, as announced in the UK Budget on 3rd March by the Chancellor of the Exchequer, Rishi Sunak.In this budget Rishi Sunak delivered a targeted balance of new tax increases and tax reliefs as he tries to support struggling sectors and stabilise the national debt. With the pandemic creating a once in a lifetime cost to the Treasury, there was little that could be given away, yet the Chancellor could not do anything to curtail an economic recovery. Thus, we saw no headline changes to income tax rates or VAT rates: both impact consumer spending and therefore economic recovery. However, the Chancellor did bring in measures to claw back tax revenues. Some of these were obvious, such as corporation tax changes; others were more subtle such as freezing reliefs and allowances. The Chancellor can only hope for a controlle