Extended carry back
If your business has been adversely affected by the Covid-19 pandemic resulting in a loss, you may be able to benefit from the extended carry-back provisions to generate a tax repayment.
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For capital gains tax purposes, individuals are allowed to realise net gains (after deducting any capital losses) of £12,300 for 2021/22 tax-free. Where capital disposals are on the cards, if the annual exempt amount remains available, consider making the disposal prior to 6 April 2022 to utilise the 2021/22 annual exempt amount, paving the way to realise gains free of capital gains tax in 2022/23.
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National Insurance rises
Pending the introduction of the Health and Social Care Levy from 6 April 2023, Class 1 (employers and employees), Class 1A, Class 1B and Class 4 National Insurance contributions will all rise by 1.25% for 2022/23 only.
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The long-awaited Income Tax (Digital Requirements) Regulations 2021 (SI 2021/1076) have now been published, alongside the announcement of a year’s postponement to the implementation of Making Tax Digital for Income Tax (MTD ITSA). We examine the practical implications of this here.
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The Chancellor, Rishi Sunak, presented his Autumn Budget and Spending Review on 27 October 2021
Read MoreThe Chancellor, Rishi Sunak, presented his Autumn Budget and Spending Review on 27 October 2021
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This new super deduction allowance is only available to Limited Companies chargeable to corporation tax
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Off-payroll working rules extended
The extended off-payroll working rules finally come into effect from 6 April 2021. From that date, the rules currently applying where the end client is a public sector body also apply where the end client is a medium or large private sector organisation.
Read MoreLimited window for using your 2020/21 tax allowances
Individuals are entitled to a number of allowances each year. However, many of them are lost if they are not used in the tax year to which they relate – it is not possible to carry most unused allowances forward. The 2020/21 tax year comes to an end on 5 April 2021. With the end of the tax year approaching, now is the time to review your allowances and consider whether there is anything that can be done to prevent those allowances being wasted. Remember, any Covid grants that you have received in 2020/21 are taxable and will need to be taken into account when assessing your income.
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The residential stamp duty land tax threshold is increased temporarily to £500,000 until 31 March 2021.
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