This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business. Chancellor Rishi Sunak…
Sunak delivers Budget to meet ‘challenging times’ Chancellor Rishi Sunak delivered his first Budget, and the first since the UK’s departure from the European Union, against the backdrop of the coronavirus outbreak. The Chancellor announced a £30 billion stimulus package to…
Corporation tax rates Corporation tax rates have already been enacted for periods up to 31 March 2021. The main rate of corporation tax is 19%. The rate for the Financial Year beginning on 1 April 2020 was due to fall…
Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on…
National Insurance thresholds The government has recently announced National Insurance thresholds for 2020/21. Most thresholds will rise with inflation. Two thresholds, however, will rise by 10% from £8,632 to £9,500: the primary threshold – which sets the level at which…
The Chancellor announced the following income tax rates and allowances. Income tax rates and bands 2020/21 2019/20 Band £ Rate % Band £ Rate % 0 – 37,500 20 0 – 37,500 20 37,501 – 150,000 40 37,501 – 150,000…
Increases in the National Minimum Wage and National Living Wage rates now occur in April each year. Age NLW 21 – 24 18 – 20 16 and 17 Apprentices From 1 April 2019 £8.21 £7.70 £6.15 £4.35 £3.90 From 1…
2020/21 Class 1 (employed) rates Employee Employer Earnings per week % Earnings per week % Up to £183 0 Up to £169 0 £183.01 – £962 12 Over £169 13.8 Over £962 2 Entitlement to contribution-based benefits for employees…
Pensions changes The pensions annual allowance (currently £40,000) is the maximum amount of tax-relieved pension savings that can be accrued in a year. However, for those on higher incomes, the annual allowance is reduced by £1 for every £2 that an…
April 2020 5 Last day of 2019/20 tax year. Deadline for 2019/20 ISA investments and pension contributions. Last day to make disposals using the 2019/20 CGT exemption. 14 Due date for income tax for the CT61 period to 31 March…
Mileage rates Changes to the HMRC business mileage rates are announced from time to time. The fuel only advisory rates below relate to company cars only and apply from 1 March 2020. Car – fuel only advisory rates Engine capacity…
VAT E-publications The government will introduce legislation to apply a zero rate of VAT to e-publications from 1 December 2020, to make it clear that e-books, e-newspapers, e-magazines and academic e-journals are entitled to the same VAT treatment as their…
This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business. Chancellor Rishi Sunak…
Sunak delivers Budget to meet ‘challenging times’ Chancellor Rishi Sunak delivered his first Budget, and the first since the UK’s departure from the European Union, against the backdrop of the coronavirus outbreak. The Chancellor announced a £30 billion stimulus package to…
Corporation tax rates Corporation tax rates have already been enacted for periods up to 31 March 2021. The main rate of corporation tax is 19%. The rate for the Financial Year beginning on 1 April 2020 was due to fall…
Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on…
National Insurance thresholds The government has recently announced National Insurance thresholds for 2020/21. Most thresholds will rise with inflation. Two thresholds, however, will rise by 10% from £8,632 to £9,500: the primary threshold – which sets the level at which…
The Chancellor announced the following income tax rates and allowances. Income tax rates and bands 2020/21 2019/20 Band £ Rate % Band £ Rate % 0 – 37,500 20 0 – 37,500 20 37,501 – 150,000 40 37,501 – 150,000…
Increases in the National Minimum Wage and National Living Wage rates now occur in April each year. Age NLW 21 – 24 18 – 20 16 and 17 Apprentices From 1 April 2019 £8.21 £7.70 £6.15 £4.35 £3.90 From 1…
2020/21 Class 1 (employed) rates Employee Employer Earnings per week % Earnings per week % Up to £183 0 Up to £169 0 £183.01 – £962 12 Over £169 13.8 Over £962 2 Entitlement to contribution-based benefits for employees…
Pensions changes The pensions annual allowance (currently £40,000) is the maximum amount of tax-relieved pension savings that can be accrued in a year. However, for those on higher incomes, the annual allowance is reduced by £1 for every £2 that an…
April 2020 5 Last day of 2019/20 tax year. Deadline for 2019/20 ISA investments and pension contributions. Last day to make disposals using the 2019/20 CGT exemption. 14 Due date for income tax for the CT61 period to 31 March…
Mileage rates Changes to the HMRC business mileage rates are announced from time to time. The fuel only advisory rates below relate to company cars only and apply from 1 March 2020. Car – fuel only advisory rates Engine capacity…
VAT E-publications The government will introduce legislation to apply a zero rate of VAT to e-publications from 1 December 2020, to make it clear that e-books, e-newspapers, e-magazines and academic e-journals are entitled to the same VAT treatment as their…