Budgets

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…

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Budgets

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…

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Budget Highlights
Budget Highlights
Business Tax

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…

Read more

Business Tax

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…

Read more

Capital Taxes
Capital Taxes
Duties

Alcohol and tobacco duties The duty rates remain frozen for beer, spirits, wine and made-wine, still and sparkling cider and perry. The duty rate on all tobacco products will continue to increase by 2% above RPI inflation. The duty rate…

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Duties

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…

Read more

Employment Taxes
Employment Taxes
Income Tax & Personal Savings

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…

Read more

Income Tax & Personal Savings

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…

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Minimum Wage
Minimum Wage
National Insurance

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…

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National Insurance

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…

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Personal Tax
Personal Tax
Tax Calendar

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…

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Tax Calendar

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…

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Tax & Travel
Tax & Travel
Other Matters

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…

Read more

Other Matters
Budgets

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…

Read more

Budgets

Budget Highlights

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…

Read more

Budget Highlights

Business Tax

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…

Read more

Business Tax

Capital Taxes

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…

Read more

Capital Taxes

Duties

Alcohol and tobacco duties The duty rates remain frozen for beer, spirits, wine and made-wine, still and sparkling cider and perry. The duty rate on all tobacco products will continue to increase by 2% above RPI inflation. The duty rate…

Read more

Duties

Employment Taxes

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…

Read more

Employment Taxes

Income Tax & Personal Savings

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…

Read more

Income Tax & Personal Savings

Minimum Wage

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…

Read more

Minimum Wage

National Insurance

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…

Read more

National Insurance

Personal Tax

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…

Read more

Personal Tax

Tax Calendar

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…

Read more

Tax Calendar

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 2020. Car – fuel only advisory rates Engine capacity…

Read more

Tax & Travel

Other Matters

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…

Read more

Other Matters