Accounting News
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National Insurance and dividend tax to go up 1.25% from April 2022
From April 2022, both national insurance and dividend tax are set to rise by 1.25%.
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Freezing of allowances and thresholds
To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remain at their 2021/22 levels until 6 April 2026.
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CIS compliance for property developers
The Construction Industry Scheme (CIS) is a scheme whereby contractors of building firms are required to deduct tax at source from payments made to sub-contractors working for them
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Tax allowances frozen until April 2026
The financial impact of the Covid-19 pandemic is unprecedented and borrowing levels in 2020/21 of 16.9% of GDP represent the highest level of peacetime borrowing.
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Super-deduction for capital expenditure
To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window.
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Gift aid – Beware if your income falls
Where a Gift Aid declaration is made, the recipient charity or community amateur sports club can claim back basic rate tax on the donation.
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Claim expenses for additional costs of working from home
As the 2020/21 tax year draws to a close, many employees will have spent much if not all of the last year working from home.
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National Insurance contributions for 2021/22
The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes.
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Self-Employment Income Support Scheme – future grants confirmed
The UK Government has today announced that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant.
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Budget 2021
A summary of the announcements made by the Chancellor of the Exchequer Rishi Sunak in the 2021 Budget on Wednesday 3rd March 2021.
