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

Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy. The Chancellor once again pledged to do ‘whatever it takes’ during the COVID-19 pandemic and confirmed that the…

Read more

Budget Highlights
Budget Highlights
Business Tax

Coronavirus loan schemes In 2020, the government introduced a number of government-guaranteed coronavirus loan schemes. In December 2020 the Chancellor extended, until the end of March 2021, access to the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme and…

Read more

Business Tax

Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced at Budget 2021. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and…

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Capital Taxes
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…

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Duties

The Coronavirus Job Retention Scheme (CJRS) The current CJRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer: can claim 80%…

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Employment Taxes
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 –…

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Income Tax & Personal Savings

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
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…

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National Insurance

Universal Credit Universal Credit is a single payment that is made up of different amounts depending on an individual’s circumstances. There is no entitlement if an individual’s capital is worth more than £16,000. Shortly after the 2020 Budget the Chancellor…

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Personal Tax
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…

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Tax & Travel

Land and buildings transaction taxes Land and buildings transaction taxes are devolved to Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax). Stamp Duty Land Tax (SDLT) applies to transactions in England and Northern Ireland. All these taxes…

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Other Matters
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

Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy. The Chancellor once again pledged to do ‘whatever it takes’ during the COVID-19 pandemic and confirmed that the…

Read more

Budget Highlights

Business Tax

Coronavirus loan schemes In 2020, the government introduced a number of government-guaranteed coronavirus loan schemes. In December 2020 the Chancellor extended, until the end of March 2021, access to the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme and…

Read more

Business Tax

Capital Taxes

Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced at Budget 2021. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and…

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

The Coronavirus Job Retention Scheme (CJRS) The current CJRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer: can claim 80%…

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

Universal Credit Universal Credit is a single payment that is made up of different amounts depending on an individual’s circumstances. There is no entitlement if an individual’s capital is worth more than £16,000. Shortly after the 2020 Budget the Chancellor…

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

Land and buildings transaction taxes Land and buildings transaction taxes are devolved to Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax). Stamp Duty Land Tax (SDLT) applies to transactions in England and Northern Ireland. All these taxes…

Read more

Other Matters