by admin | Oct 29, 2021 | Uncategorized
Budget highlights The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021. Some of the highlights are discussed below. Income tax rates and thresholds The rates and thresholds applying for 2022/23 were confirmed. Personal allowance As... by admin | Oct 29, 2021 | Uncategorized
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... by admin | Oct 29, 2021 | Uncategorized
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. However, the... by admin | Oct 29, 2021 | Uncategorized
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. This rate has now come to... by admin | Oct 29, 2021 | Uncategorized
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. The AIA limit was temporarily increased... by admin | Sep 26, 2021 | Uncategorized
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...