Yearly Archives: 2021

Planning for higher corporation tax rates

We are fifteen months away from a radical upward lift in corporation tax (CT) rates. From 1 April 2023, there will be two rates of CT: A small profits rate which will stay at the present 19% and will apply to companies with profits up to £50,000. An increased main rate, which will be set…
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Tax Diary December 2021/January 2022

1 December 2021 - Due date for corporation tax payable for the year ended 28 February 2021. 19 December 2021 - PAYE and NIC deductions due for month ended 5 December 2021. (If you pay your tax electronically the due date is 22 December 2021). 19 December 2021 - Filing deadline for the CIS300 monthly…
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Budget bad news 27 October 2021

Readers should take note of the following changes: Income Tax Allowances frozen: The Income Tax personal allowance and the rates and bands are frozen until April 2026. Whilst this is not a direct tax increase, it does mean that any increases in earnings will be fully taxed and certain taxpayers may find that this process…
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Budget bonuses 27 October 2021

There was little good cheer in the Chancellor’s announcements to parliament on 27 October. A short summary of the good news is listed below: Annual Investment Allowance (AIA): The £1m limit to claims for tax relief when purchasing qualifying assets was due to return to a more modest £200,000 from the 1st of January 2022.…
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