As a mark of respect our offices will be closed on Monday 19 September 2022 for Her Majesty Queen Elizabeth II’s funeral.
Our useful guide reflects the changes in tax rates that come into effect from the start of the new tax year.
Many of the figures are fundamental to our business and personal lives and you will find the key taxes summarised. We are sure that you will find it a useful point of reference throughout the coming tax year.
The updated tax rates include information on personal, business, employment, property and capital taxes, including some key recent changes:
- increased personal allowances and tax bands
- increases in the national insurance thresholds and rates
- increased dividend tax rates
- updated car benefit percentages
- extension of the Annual Investment Allowance
- revised property taxes.
These rates are intended for use as a quick point of reference. Should you require any further information, have a simple question or require detailed advice, we are only a phone call away.
With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic hardship.
Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. However, it also looks beyond the headlines and offers details on the less-publicised changes that are most likely to have an impact upon your business and your personal finances.
Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch.
If you took the opportunity to defer your VAT payment due between 20 March and 20 June 2020 you now need to be thinking about making the payment.
This can be done in full – before 31 March 2021 – or by instalments. If you want to pay by instalments you need to apply, via your Government Gateway account, by 21 June 2021. The sooner you apply the greater the number of instalments you can have to pay it over.
See https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19 for more information.
Self Assessment customers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February.
For more information please follow the link below:
If you need any help or advice please contact us.
We are adhering to government guidance on social distancing and working from home where we can do so reasonably.
However, as we recognise that there are occasions when it is not possible for us to work effectively from home, we will be keeping our offices open during our usual business hours although the main reception at the Trinity Enterprise Centre will be closed.
Where possible we would encourage telephone and online communication, however we recognise that on occasion face to face meetings may be necessary and these can be arranged if required. If you need to call in at the office, please telephone beforehand to make arrangements.
Just four months after his first Budget, Chancellor Rishi Sunak has unveiled a summer economic update designed to mitigate the impact of the Covid-19 pandemic, with a commitment to encouraging job creation through a government ‘plan for jobs’ and stimulus for consumer spending
Announcing a package of measures, Sunak said the aim was to ‘give everyone the opportunity of good and secure work, so no one is left without hope.
‘Our plan for jobs has a clear goal – to protect, support and create jobs. We want to give business confidence to retain and hire.’
Coronavirus job retention bonus
Confirming that the coronavirus job retention scheme will be flexibly and gradually wound down through October, Sunak said the second phase of the economic recovery would focus on getting as many people as possible back from furlough and into jobs.
‘The economy contracted by 25% in two months, the same amount as it had grown over […]