A 0.5% increase to the personal allowance and higher-rate of income tax will be in place from 6 April 2021, according to the Treasury. Both thresholds will increase in line with the Consumer Prices Index (CPI) rate of inflation figure for September 2020, which was 0.5%. This means the personal allowance will [...]
Around 1.8 million taxpayers missed the 2019/20 deadline for self-assessment on 31 January 2021, according to figures published by HMRC. The tax authority revealed 1,790,368 people failed to beat the midnight deadline, almost double last year’s total of 958,296. HMRC attributed the spike in the number of personal taxpayers missing this year’s [...]
Some self-employed workers fear submitting their 2019/20 tax return early might affect their ability to claim a fourth taxable grant from the Government. The deadline to submit tax returns for 2019/20 through self-employed self-assessment is on or before midnight on 31 January 2021, with around 10.7 million returns sent in last year. [...]
The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed. Like previous tranches, the third taxable grants available through the self-employed income support scheme (SEISS) covers three months – from 1 November 2020 to 31 January 2021. The [...]
Ministers are reportedly considering halting plans to implement the planned national living wage increase from next spring. The national living wage, which is currently set at £8.72 until 31 March 2020, is the lowest hourly rate paid to anyone over 25. Chancellor Rishi Sunak said in this year’s Spring Budget that “forecasts [...]
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