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Personal allowance and higher-rate threshold to increase 0.5%

2021-04-13T14:29:47+00:00

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 [...]

Personal allowance and higher-rate threshold to increase 0.5%2021-04-13T14:29:47+00:00

Record number miss self-assessment filing deadline due to COVID-19

2021-03-29T09:19:29+00:00

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 [...]

Record number miss self-assessment filing deadline due to COVID-192021-03-29T09:19:29+00:00

One-year freeze for business rates multiplier in England

2021-03-28T20:57:23+00:00

One 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 [...]

One-year freeze for business rates multiplier in England2021-03-28T20:57:23+00:00

National living wage to increase alongside age threshold fall

2021-03-28T20:57:36+00:00

Employers 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 [...]

National living wage to increase alongside age threshold fall2021-03-28T20:57:36+00:00

HMRC issues last reminder for 2019/20 personal tax returns

2021-03-28T20:57:49+00:00

HMRC 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 [...]

HMRC issues last reminder for 2019/20 personal tax returns2021-03-28T20:57:49+00:00

Annual investment allowance remains at £1m until 2022

2021-03-28T20:58:37+00:00

A 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 [...]

Annual investment allowance remains at £1m until 20222021-03-28T20:58:37+00:00

Government body urges capital gains tax overhaul

2021-03-28T20:58:49+00:00

Current 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 [...]

Government body urges capital gains tax overhaul2021-03-28T20:58:49+00:00

Sunak hints at spring tax hikes to ‘balance the books’

2021-03-28T21:00:20+00:00

Chancellor 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 [...]

Sunak hints at spring tax hikes to ‘balance the books’2021-03-28T21:00:20+00:00
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