Mar 3, 2021 | Government AnnouncementsPersonal Tax
Personal tax thresholds frozen until 2026 In 2021/22, the personal allowance will rise to £12,570 and the higher-rate threshold to £50,270 - but after that, both thresholds will remain frozen until 2025/26. The same goes for the £325,000 inheritance tax threshold, the...
Feb 25, 2021 | Government Announcements
HMRC has announced businesses that deferred VAT payments last year can now pay them back in smaller monthly instalments under its new online VAT deferral new payment scheme.In order to take advantage of the scheme, businesses will need to have deferred VAT payments...
Feb 23, 2021 | Current AffairsGovernment Announcements
HMRC has announced that self-assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021.Usually, a 5% payment penalty is charged on any unpaid tax that is still outstanding on 3 March. However, as...
Feb 22, 2021 | Current AffairsGovernment Announcements
The Treasury has announced it is delaying its final report on business rates until later this year.The Government attributed the delay to the uncertainty caused by the pandemic and said the review will be released later this year where there is more clarity on the...
Feb 19, 2021 | Current AffairsGovernment Announcements
HMRC has published a new document outlining its IR35 compliance strategy, which will be introduced on 6 April 2021.Emphasising its advice from last year, the tax authority confirmed it will not issue fines for inaccuracies in the first year of the scheme, unless there...
