Apr. 22, 2024
Budget
November 1, 2021
Capital Gains Tax
Categories:
Tax Rates – Individuals 22/23 21/22 Below UK higher rate income tax band 10% 10% Within UK higher and additional rate income tax bands 20% 20% Tax rate – Trusts
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November 1, 2021
National Insurance Contributions
Categories:
Class 1 Employee Employer NICs rate 13.25% 15.05% No NICs for employees generally on the first £190 pw £175 pw No NICs* for: younger/veteran employees on first
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November 1, 2021
Tax Incentivised Investments
Categories:
22/23 21/22 Total Individual Savings Account (ISA) limit, excluding Junior ISAs (JISAs) £20,000 £20,000 Lifetime ISA £4,000 £4,000 JISA and Child Trust Fund £9,000 £9,000 Venture Capital Trust (VCT) at 30%
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November 1, 2021
Registered Pensions
Categories:
22/23 21/22 Lifetime allowance £1,073,100 £1,073,100 Money purchase annual allowance £4,000 £4,000 Annual allowance* £40,000 £40,000 Annual allowance charge on excess is at applicable tax rate(s) on earnings Lifetime allowance
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November 1, 2021
Income Tax
Categories:
Main personal allowances and reliefs 22/23 21/22 Personal allowance* £12,570 £12,570 Marriage/civil partner’s transferable allowance £1,260 £1,260 Married couple’s/civil partner’s allowance at 10%† – maximum (if at least one born before
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March 4, 2021
2021/22 Tax Calendar
Categories:
Make the payment on the previous working day where the due date falls on a weekend/bank holiday. Every month 19 Submit CIS contractors’ monthly return. 22 PAYE/NICs/CIS deductions paid electronically
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March 4, 2021
Main Due Dates for Tax Payments
Categories:
Income Tax, NICs and Capital Gains Tax – Self-Assessment 31 Jan in tax year Following 31 July Following 31 Jan } Normally 50% of previous year’s income tax (less tax
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March 4, 2021
Social Security Benefits
Categories:
Weekly rates and taxable unless stated otherwise. Employment and Support Allowance (contribution-based taxable) 13-week assessment phase Aged under 25:
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March 4, 2021
Main Capital and Other Allowances
Categories:
Plant & machinery (P&M) 100% annual investment allowance (1st year): 1/1/19–31/12/21 From 1/1/22 £1,000,000 £200,000 P&M super-deduction first year allowance (FYA) for companies from 1/4/21 130% Special rate P&M FYA
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March 4, 2021
Tax-Free Business Mileage Allowance – Own Vehicle
Categories:
Cars and vans first 10,000 miles 45p per mile thereafter 25p per mile Qualifying passenger 5p per mile Motorcycles 24p per mile Bicycles 20p per mile
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March 4, 2021
Vans – For Private Use
Categories:
21/22 20/21 Zero emission: chargeable amount Nil £2,792 Other vans: chargeable amount £3,500 £3,490 Fuel: chargeable amount £669 £666
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March 4, 2021
Car Benefits
Categories:
Taxable amount based on original list price and CO2 emissions in g/km. Zero emission cars, 1% Petrol and diesel hybrids with CO2 emissions 1- 50g/km Range – electric-only miles < 30 30–39 40–69 70–129
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