Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher…
National Insurance Contributions (NICs) In September 2021 the government published its proposals for new investment in health and social care in England. The proposals will lead to a permanent increase in spending not only in England but also by the…
The Chancellor announced the following income tax rates and allowances. Income tax rates and bands 2021/22 2020/21 Band £ Rate % Band £ Rate % 0 – 37,700 20 0 – 37,500 20 37,701 – 150,000 40 37,501 –…
Increases in the National Minimum Wage and National Living Wage rates occur in April each year. Age NLW 21 – 22 18 – 20 16 and 17 Apprentices From 1 April 2021 £8.91 £8.36 £6.56 £4.62 £4.30 Apprentice rates apply…
2021/22 Class 1 (employed) rates Employee Employer Earnings per week % Earnings per week % Up to £184 0 Up to £170 0 £184.01 – £967 12 Over £170 13.8 Over £967 2 Entitlement to contribution-based benefits for employees…
The personal allowance The personal allowance is currently £12,570. The Chancellor announced in the March 2021 Budget that the personal allowance will be frozen at £12,570 for the tax years 2022/23 to 2025/26. There is a reduction in the personal…
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 2021. Car – fuel only advisory rates Engine capacity…
Tonnage Tax The UK’s tonnage tax regime will be reformed from April 2022 to help the UK shipping industry grow and compete in the global market. The reform is intended to make it easier for shipping companies to move to…
Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher…
National Insurance Contributions (NICs) In September 2021 the government published its proposals for new investment in health and social care in England. The proposals will lead to a permanent increase in spending not only in England but also by the…
The Chancellor announced the following income tax rates and allowances. Income tax rates and bands 2021/22 2020/21 Band £ Rate % Band £ Rate % 0 – 37,700 20 0 – 37,500 20 37,701 – 150,000 40 37,501 –…
Increases in the National Minimum Wage and National Living Wage rates occur in April each year. Age NLW 21 – 22 18 – 20 16 and 17 Apprentices From 1 April 2021 £8.91 £8.36 £6.56 £4.62 £4.30 Apprentice rates apply…
2021/22 Class 1 (employed) rates Employee Employer Earnings per week % Earnings per week % Up to £184 0 Up to £170 0 £184.01 – £967 12 Over £170 13.8 Over £967 2 Entitlement to contribution-based benefits for employees…
The personal allowance The personal allowance is currently £12,570. The Chancellor announced in the March 2021 Budget that the personal allowance will be frozen at £12,570 for the tax years 2022/23 to 2025/26. There is a reduction in the personal…
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 2021. Car – fuel only advisory rates Engine capacity…
Tonnage Tax The UK’s tonnage tax regime will be reformed from April 2022 to help the UK shipping industry grow and compete in the global market. The reform is intended to make it easier for shipping companies to move to…