Working from home: claiming tax relief from April 2022 HMRC have released the following notes regarding the above. Government instructions to work from home where possible, including the legal requirement to self-isolate if you or a close contact tested positive for coronavirus, meant that in tax years 2020 to 2021 and 2021 to 2022 millions…
HMRC are recognising that Covid-19 is affecting the capacity for taxpayers and their agents to meet their obligations and are showing some flexibility to help. The 2020/21 balancing payment of tax and first payment on account would ordinarily have been payable by 31st January this year, however, HMRC have confirmed that no late payment penalty…
Increase in Tax on Dividends The Government has announced a 1.25% increase in dividend tax rates from 1st April 2022. The rates will increase to 8.75% for basic rate taxpayers, 33.75% for higher rate taxpayers and 39.35% for additional rate taxpayers. The £2,000 tax-free dividend allowance will remain. The increase in dividend tax rates will…
Super-Deduction Capital Allowances From 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim: a 130% super-deduction capital allowance on qualifying plant and machinery investments a 50% first-year allowance for qualifying special rate assets The super-deduction will allow companies to cut their tax bill…
National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022 In a move that breaks the Conservative’s manifesto pledge on raising taxes, the Prime Minister has confirmed that rates of national insurance are to be increased to pay for the impact of the Coronavirus pandemic on…
HMRC have released the following notes, providing details of the upcoming help and support to be made available to businesses and individuals. We will endeavour to provide further details, as and when they become available. As always, do feel free to contact us if you have any queries or require further clarification. Job Support Scheme…