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Self Assessment penalty waivers 20/21
HMRC have announced they will not charge late filing fees or late payment penalties on those who do not file before 28th February and pay or have a plan in place by 1st April 2022.
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%.
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.
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
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.
Super-deduction for capital expenditure
To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window.
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.
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.
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.
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.