Budgets

The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Main Budget proposals Tax measures include: a…

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Budgets

Making Tax Digital for income tax The Making Tax Digital (MTD) regime is based on businesses being required to maintain their accounting records in a specified digital format and submit extracts from those records regularly to HMRC. It had been…

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Business Tax
Business Tax
Capital Taxes

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…

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Capital Taxes

Alcohol and tobacco duties The duty rates are frozen for beer, spirits, wine and made-wine, still and sparkling cider and perry. The duty rate on all tobacco products has also been frozen. Fuel duty Fuel duty will be frozen for the 2021/22…

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Duties
Duties
Employment Taxes

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…

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Employment Taxes

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 –…

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Income Tax & Personal Savings
Income Tax & Personal Savings
Minimum Wage

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…

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Minimum Wage

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…

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National Insurance
National Insurance
Personal Tax

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…

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Personal Tax

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…

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Tax & Travel
Tax & Travel
Other Matters

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…

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Other Matters
Budgets

The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Main Budget proposals Tax measures include: a…

Read more

Budgets

Business Tax

Making Tax Digital for income tax The Making Tax Digital (MTD) regime is based on businesses being required to maintain their accounting records in a specified digital format and submit extracts from those records regularly to HMRC. It had been…

Read more

Business Tax

Capital Taxes

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…

Read more

Capital Taxes

Duties

Alcohol and tobacco duties The duty rates are frozen for beer, spirits, wine and made-wine, still and sparkling cider and perry. The duty rate on all tobacco products has also been frozen. Fuel duty Fuel duty will be frozen for the 2021/22…

Read more

Duties

Employment Taxes

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…

Read more

Employment Taxes

Income Tax & Personal Savings

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 –…

Read more

Income Tax & Personal Savings

Minimum Wage

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…

Read more

Minimum Wage

National Insurance

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…

Read more

National Insurance

Personal Tax

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…

Read more

Personal Tax

Tax & Travel

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…

Read more

Tax & Travel

Other Matters

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…

Read more

Other Matters