The 2021 UK budget was presented to parliament in early March. The budget will continue to incorporate allocations to various coronavirus support measures. There are no notable changes in key rates for this year. Corporate tax rate remains at 19%, although it will rise considerably in the next two years. The insurance contribution rates for both employee and employer also remains the same.
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The UK has set forth VAT rules for the sale of goods, just concurrently with the culmination of the Brexit transition period. Effective from January 1st, 2021, UK VAT is now applicable for the sale of goods by foreign taxable persons. UK businesses who have utilized a deferral for VAT payments, may now repay the deferred payments in reduced and interest-free payments over an 11 month period.
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The Queen has approved the Brexit EU-UK trade deal, declaring it an official law in the UK. After lengthy deliberation, an agreement between Britain and the European Union has been passed outlining the Brexit EU-UK trade deal.
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Ragu Bhargava, CEO and Co-Founder of Global PEO Services, Global Upside, and Mihi, won the 2017 Pride of India Award presented to him by the NRI Institute at a gala at the UK House of Lords in London last week.
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