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01 Nov 2021

Budget highlights

The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021. Some of the highlights are discussed below.

01 Nov 2021

AIA transitional limit extended

The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit.

01 Nov 2021

New VAT rate for hospitality and leisure

To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021.

01 Nov 2021

Tax checks for licence renewal applications

From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their licence application can be considered. Initially, the requirement will only apply in England and Wales.

01 Nov 2021

File your tax return by 30 December 2021 to have underpayments coded out

The deadline for filing your 2020/21 self-assessment tax return is midnight on 31 January 2022. However, if you have underpaid tax and you are employed and would prefer HMRC to collect that underpayment through your tax code, you will need to file your return online by midnight on 30 December 2021.

08 Oct 2021

National Insurance rises and the Health and Social Care Levy

On 8 September 2021, the Prime Minister outlined the Government’s plans for health and social care, including a new funding strategy designed to meet social care costs. A new tax, the Health and Social Care Levy, is to be introduced from 2023. However, as a temporary measure prior to its introduction, National Insurance contributions will rise for 2022/23 only. This will affect you if you are employed, self-employed or an employer.

08 Oct 2021

Plan ahead for increases in the dividend tax rates

As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the temporary increases in National Insurance, and, from April 2023, the introduction of the Health and Social Care Levy. The increases in the dividend tax rates will affect you if you operate your business through a personal or family company and extract profits in the form of dividends. It will also affect you if you receive dividends from investments in shares.

08 Oct 2021

End of the CJRS

The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during the COVID-19 pandemic, allowing employers to claim grants with which to pay furloughed and flexibly furloughed employees. If you still have employees who are on furlough, or who are flexibly furloughed, the last month for which you can make a claim is September 2021. You also need to decide what to do with furloughed employees now that the scheme has come to an end.

08 Oct 2021

Extension of Making Tax Digital for VAT

Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022.

08 Oct 2021

Paying tax and National Insurance due under your PSA

If you agreed a PAYE Settlement Agreement (PSA) with HMRC for 2020/21, you will need to pay the tax and Class 1B National Insurance that is due in October 2021. The deadline for paying the tax and National Insurance is 22 October if you make your payment electronically, or 19 October if you pay by cheque. Remember, your payment must reach HMRC by the deadline. Payment can be made online via the website. Alternatively, you can make your payment by online or telephone banking, at your bank or building society, using a debit or corporate credit card, or by cheque.

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