With the UK economy flat-lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end on 31 March.
Date What’s Due 1 March 2021 Corporation tax payment for year to 31/5/20 (unless quarterly instalments apply) 15 March 2021 February Furlough claims must be
For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid donations can help to reduce adjusted net income and save tax at an effective rate of 60%.
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021.
Following the UK’s departure from the EU, the government intend to establish new Freeports as a means to boost trade, jobs and investment across areas of the UK.
This is a new tax which will apply to UK manufacturers of plastic packaging, importers of plastic packaging, business customers of manufacturers and importers of plastic packaging, and consumers who buy plastic packaging or goods in plastic packaging in the UK.
The current Income Tax and National Insurance contributions exemption for employer reimbursed expenses that cover the cost of relevant home-office equipment has been extended to 5 April 2022.
The personal allowance will rise to £12,570 for 2021/2022 and the higher rate threshold will rise to £50,270. After that, both thresholds will remain frozen until 2025/2026.
A temporary increase to capital allowances available to companies investing new plant and machinery on or after 1 April 2021 up to and including 31 March 2023. During the period of super deduction, companies can claim 130% on most new plant and machinery expenditure if it would ordinarily qualify for 18% writing down allowances.
From April 2023, the main rate of UK Corporation Tax will increase from 19% to 25% on profits of more than £250,000. The main rate of corporation tax for small profits of less than £50,000 will remain at 19%. There will also be marginal relief for limited companies with profits between £50,000 and £250,000, so that they pay less than the main rate of 25%.
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