As the owner and director of your own company you decide how much salary to take each year. Paying yourself a small salary can be a good way to maintain your national insurance record to build up state benefit entitlements.

Some potentially good news for employers is the Chancellor’s decision to extend the furlough scheme in its current form until 30 June 2021. Employers can continue to claim 80% of each furloughed employee's usual wages for periods the employee is furloughed, up to £2,500 per employee per month.

As a self-employed individual you may have been able to claim up to three grants under the self-employed income support scheme (SEISS) since the start of the pandemic.

Income tax and national insurance contribution rates have been frozen for 2021-22 and are likely to remain frozen until the end of this Parliament in 2024.

The Government have announced that they will permit businesses to carry back losses for up to three years.

HMRC is changing the way taxpayers interact with them in a project called making tax digital (MTD).

The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22.

Larger companies may have opted to wait until April 2023 before making major investments in plant or machinery to achieve tax relief of 25% on those costs following the increase in the corporation tax rate.

B20 Wessex, Spring Budget 2021 Tax Briefing

The rate of VAT on services supplied to non-business customers in other EU countries normally depends on where the supplier is located or, for services related to land, where the land is located.

There will be several VAT changes for businesses that import or export goods from 1 January 2021 as the rules that permit free movement of goods and people between the UK and the EU cease to apply from 11pm on 31 December 2020.

Before the Covid-19 pandemic, many of us would travel to Europe to meet customers or attend trade shows. VAT on business expenses incurred in another EU country up to 31 December 2020 can be reclaimed through HMRC's online VAT service.

Capital gains tax (CGT) is normally payable by 31 January following the tax year in which you sold the asset. This can give you up to an extra 22 months to hold on to the full proceeds.

Management accounting can help develop a clear picture of your monthly performance, financial year to date, performance against budget and previous years.

Unless you use the VAT cash accounting scheme you have to account to HMRC for the VAT you charge on sales even if the customer does not pay you.