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Tax Diary November/December 2021

28/10/2021

1 November 2021 - Due date for Corporation Tax due for the year ended 31 January 2021. 19 November 2021 - PAYE and NIC deductions due for month ended 5 November 2021. (If you pay your tax electronically the due date is 22 November 2021.) 19 November 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 November...

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Autumn Budget 2021 - Recovery Loan Scheme

28/10/2021

The Recovery Loan Scheme was launched on 6 April 2021. The scheme currently allows businesses of any size to access loans and other kinds of finance between £1,000 and £10 million. The scheme was originally meant to close on 31 December 2021 but the Chancellor has confirmed that the scheme will be extended until 30 June 2022. The scheme...

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Autumn Budget 2021 – Minimum Wage increases

28/10/2021

The Chancellor of the Exchequer, Rishi Sunak confirmed that the government has accepted in full the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2022. This puts the government back on track to reach their minimum wage target of two-thirds of median earnings by 2024. The new National Living Wage (NLW)...

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Autumn Budget 2021 - £1 million Annual Investment Allowance

28/10/2021

In the Spring Budget earlier this year, the government announced that the temporary Annual Investment Allowance (AIA) cap of £1 million would be extended until 31 December 2021. The Chancellor, delivering the Autumn Budget revealed that the temporary cap will now be extended further until 31 March 2023. The government says that this move...

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Autumn Budget 2021 – Dividend tax rates

28/10/2021

As announced on 7 September 2021, the 1.25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax increases will apply as follows: Basic rate taxpayers will see an increase from the present 7.5% to 8.75%. Higher rate taxpayers will see an...

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Autumn Budget 2021 - Creative industry tax reliefs

28/10/2021

The sunset clause for the Museum and Galleries Exhibition Tax Relief (MGETR) was supposed to come into force on 31 March 2022. As part of the Autumn Budget measures, the Chancellor announced that the relief will be extended for another two years to 31 March 2024. This will help encourage the sector just as exhibitions are starting to tour...

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Autumn Budget 2021 - Alcohol and Tobacco Duty

28/10/2021

As part of the Budget measures the Chancellor announced, to a big cheer, that the planned duty rates on beers, spirits, wines and ciders expected to come into effect from midnight on Budget Day will be cancelled. The Chancellor also announced major changes to the current duty system are expected to be introduced from 1 February 2023....

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Autumn Budget Summary 27 October 2021

27/10/2021

As with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021. But we now have all the details and, as usual, there is much to consider. The following Budget summary is split into two sections: Taxation changes Other...

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Self-Assessment filing deadlines

21/10/2021

The 2020-21 tax return deadline for submitting your paper Self-Assessment returns was 31 October 2021. The tax deadline for submitting online returns is 31 January 2022. Late submission of a Self-Assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due...

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Claiming tariff quotas to reduce import duties

21/10/2021

Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty than would normally apply. The quotas usually apply to imports from specific countries. Most tariff quotas operate on a first come first serve basis and when the quota runs out, the duty rate returns to normal. There is...

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