Tax

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 made by this date 19 March 2021 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/21 (due 22/03 if you pay electronically) 1 April...

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%. The restriction applies between £100,000 and...

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.   What are Freeports? Freeports operate as secure customs zones, they are usually located at ports or airports, where businesses...

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. Manufactures and importers of less...

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.   Inheritance Tax Threshold The IHT Nil Rate Band threshold will be frozen at £325,000 until 2025/2026. The Residential Nil Rate Band...

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...

The housing market has been severely affected by the pandemic, with activity and construction both slowing sharply. Moving house also has a multiplier effect on the economy as people tend to spend money decorating and furnishing their new home, with estimates suggesting that doing so...

Many of the changes announced by the Chancellor in his statement on 8 July, such as the temporary Stamp Duty holiday, had already been leaked to the press but as in previous Budgets he still managed to keep a few surprises up his sleeve. The main...