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Budget 2021 – Small Business Owners

The planned increases to Corporation Tax Rates and what these mean for small business owners. Who will be affected? The corporation tax ‘main rate’ (currently 19%) is scheduled to increase considerably to 25% by April 2023. A new ‘small profits rate’ is also being introduced for business which make less than £50,000 profit a year. The main rate will be applied to businesses making more than £250,000 profit a year, with a ‘tapering’ of the two rates between these amounts.  Those companies under this lower £50,000 threshold will find themselves relatively unaffected by the new measures.  Businesses which find themselves between these rates will arguably be affected worst, having smaller profits to pay the extra tax from. For these companies, particularly which find themselves just over each of the limits announced, or indeed the tapering limits yet to be confirmed; additional tax planning will become an essential exercise going forward. Fortunately, these same companies will have more op
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Newsletter - Budget 2021

Here is a roundup of the Chancellor's 2021 Budget from yesterday. Finance & Taxation Pension Lifetime Allowance to be frozen Pensions to have access to ‘green investments’– FCA consultation to follow shortly No changes to rates of income tax, national insurance or VAT Personal income tax allowance to be frozen at £12,570 from 2022 - 2026 Higher rate income tax threshold to be frozen at £50,270 from 2022 – 2026 Stamp duty freeze extended for a further three months in England and Northern Ireland After this date, the starting rate of stamp duty will be £250,000 until the end of September. Stamp duty will then return to the usual level of £125,000 Corporation tax on company profits to rise from 19% to 25% in April 2023, with a taper Rate to be kept at 19% for about 1.5 million smaller companies 95% Mortgages The UK’s biggest lenders will be offering 95% mortgages guaranteed by the government from next month to help buyers with small deposits get on or up the property ladder. Sunak

Why are CPD and Qualifications important to us and our clients?

Continuing Professional Development (CPD) is activity undertaken to ensure our skills and knowledge are up-to-date. The Chartered Insurance Institute member CPD scheme provides a practical framework for ensuring development is addressed in a structured way to meets our personal and business needs and requirements of the CII as a Chartered professional body. CPD is a common requirement for qualified members of professional bodies. It reflects the fact that, in today's fast changing world, knowledge gained through qualifications quickly dates and, if you are to remain competent, you must continue to develop and enhance your knowledge. Equally, eligibility for and use of member qualification designations is not simply an indicator of study completed, but also of a commitment to subsequently keeping this knowledge current and being bound by a Code of Ethics. We believe it is essential to be part of this CPD programme and go beyond in studying CII modules, this allows us to: Build publi

New Financial Administrator at Dersingham

We are extremely pleased to announce Nadine Scoles has joined us as a Financial Administrator with 12 years insurance experience and a business management qualification. She is very keen to progress through the Chartered Insurance Institute learning programme to further her career within the Company. During her spare time she likes to spend days out with her young family. Nadine is a lover of motorsport, gardening and nature walking. We wish Nadine every success with the Company and will support her along this journey.

Remote witnessing of wills

There has been much debate since COVID and social distancing about whether wills could be executed remotely. The issue has surrounded the understanding of the word “presence” and could it encompass remote video presence as well as physical presence? When initially put to the Ministry of Justice (MoJ) remote presence was rejected in England and Wales “because it was open to abuse”. However the rules have now been relaxed to allow “remote presence” and the main points are as follows: backdated to 31 January 2020 will last until 31 January 2022 or until necessary applies to both wills and codicils MoJ authorised as a last resort for emergencies only where possible arrange for witnesses to be physically present execution should be recorded and that sound and video sufficient to see and hear what is happening signatures must be wet witnesses must see testator sign and not just a pre recorded video While the government retains the power to reduce or extend the deadline for this amendment to

NS&I to pay all Premium Bonds prizes direct to customers’ bank accounts

NS&I has announced that, from the December 2020 Premium Bonds prize draw, they are stopping prize payments by warrant (like a cheque) and will be paying prizes straight into customers’ bank accounts instead. It’s quicker, easier and safer than waiting for a cheque to arrive in the post. They will be doing this in phases, and by March 2021 they will no longer send any prize cheques through the post. Premium Bonds customers can also continue to choose to have any prizes reinvested into more Premium Bonds, up to the maximum holding of £50,000. Whether you have your prizes paid to your bank accounts or reinvested, you can choose to be told the good news by email or text message. You will need to tell NS&I your bank details to carry on receiving any prizes. They will hold on to any prizes you win until they have these bank details. Visit their website for details on how you do this.

Managing Director Ben Allen achieves Fellowship

We have great pleasure in announcing Ben Allen has become a Fellow of the Personal Financial Society (FPFS) and joins co-director Michael Crisp and only c3,342 other fellows worldwide. A Fellow of is the very highest designation awarded by the Personal Finance Society, who are part of the Chartered Insurance Institute (CII), which is the world’s largest professional body for insurance and financial services in the world and is well known around the world, for the quality and breadth of its exams and qualifications. Fellowship confirms commitment to further self-improvement and is available only to those who demonstrate their ability. It is a major achievement in the financial industry and demonstrates the acquisition of skills and knowledge at the highest of levels.