Off-payroll working in the private sector, IR35
Ashish Patani2021-10-30T21:46:01+01:00The emergence of COVID-19 put paid to the changes affecting large and medium-sized private-sector organisations this time last year, but now it’s for real.
National insurance contribution (NIC) planning
Ashish Patani2021-10-31T09:16:17+00:00Our state pension, benefits, health service and more are all funded by National Insurance contributions (NICs).
Personal allowance and higher-rate threshold to increase 0.5%
Ashish Patani2021-04-13T14:29:47+01:00A 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 [...]
Record number miss self-assessment filing deadline due to COVID-19
Ashish Patani2021-03-29T09:19:29+01:00Around 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 [...]
One-year freeze for business rates multiplier in England
Ashish Patani2021-03-28T20:57:23+01:00One of the key factors that determine the tax on a business’s right to occupy commercial property in England has been frozen for 2021/22, the Chancellor has confirmed. Buried in the supporting documents of Spending Review 2020 was a freeze on the business rates multiplier, which the Government expects to save retailers [...]
National living wage to increase alongside age threshold fall
Ashish Patani2021-03-28T20:57:36+01:00Employers of low-paid workers in the UK will have to absorb another rise to the national living wage and pay it to over-23s from April 2021, the Chancellor has confirmed. Rishi Sunak confirmed the increase in his Spending Review 2020, in which it was announced the national living wage will increase from [...]
HMRC issues last reminder for 2019/20 personal tax returns
Ashish Patani2021-03-28T20:57:49+01:00HMRC is reminding taxpayers that the deadline to submit 2019/20 personal tax returns through self-assessment is on or before midnight on 31 January 2021. Last year, a record-breaking 11.1m taxpayers complied with filing their personal tax returns for 2018/19 on time, while around 8% missed the deadline altogether. More than 700,000 people [...]
Annual investment allowance remains at £1m until 2022
Ashish Patani2021-03-28T20:58:37+01:00A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury confirmed. The annual investment allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant [...]
Government body urges capital gains tax overhaul
Ashish Patani2021-03-28T20:58:49+01:00Current capital gains tax rates are too complex and should be aligned with income tax rates, according to the Office for Tax Simplification (OTS). Capital gains tax in the UK is charged at 10% and 20% for most taxable assets, or 18% and 28% for residential property that is not a main [...]
Sunak hints at spring tax hikes to ‘balance the books’
Ashish Patani2021-03-28T21:00:20+01:00Chancellor Rishi Sunak has promised to “balance the books” in a bid to plug a £208 billion hole in the UK’s public finances caused by COVID-19. In September, Sunak postponed Autumn Budget 2020 and last month the Chancellor suggested tax hikes could be around the corner next spring. Figures published by the [...]