Accounting News

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.

From April 2022, both national insurance and dividend tax are set to rise by 1.25%.

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. 

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    

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.     

To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window. 

Where a Gift Aid declaration is made, the recipient charity or community amateur sports club can claim back basic rate tax on the donation.    

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. 

The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes.

The UK Government has today announced that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant.