Diary Of Main Tax Events March/April 2021

2021 diary

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 2021 Corporation […]

Don’t Lose Your 2020/21 Personal Allowance

Computer at a desk

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 £125,000 adjusted net income. Another way that you could […]

Advisory Fuel Rate For Company Cars

Inside of a car

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p   7p 1600cc or less 9p (8p) 1401cc to 2000cc 12p (11p) 8p 1601 to […]

Freeport Zones

Airport

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 can be carried out inside a country’s […]

Plastic Packaging Tax

Plastic Packaging

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 than 10 tonnes of plastic packaging per year will […]

Extension To Exemption For Home Office Expenses

Home Office

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. Home office equipment is equipment necessary for the employee to work from home as a result of the Coronavirus pandemic. If can include expenses such as laptop, […]

Personal Tax Allowances And Thresholds

Office Workers

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 remains at £175,000 and is also […]

Super Deduction For New Plant And Machinery

Forklift Truck

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. A […]

Corporation Tax Changes

Office boardroom

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 […]

Extended Loss Carry Back For Businesses

Carpenter working

A temporary extension to the loss carry back rules for trading losses for both companies and unincorporated businesses was announced. For accounting periods ending between 1 April 2020 and 31 March 2022, losses can be carried back three years rather than the current one year rule now. The amount of the loss that can be […]

Hmrc Enquiries Support & Protection

TAX PLANNING

SPECIALISMS