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News

 

 

Covid-19 Lockdown

 

The office is currently not accessible by clients.  However, accounting records and signed documents can still be delivered by hand.  Please call to arrange a mutually convenient time.

 

The office is expected to fully reopen on 12 April 2021.

 

 

 

 

 

 

Spring Budget 2021

 

 

Income Tax

The personal allowance (£12500 in 2020/21) will increase to £12570 in 2021/22 and remain at this level until 2026.  The higher rate tax threshold will also increase to £37700.  The additional rate of tax will start at £150000 in 2021/22, unchanged from 2020/21.

 


National Insurance


Employee National Insurance threshold to be set at £184 per week from 6 April 2021.  Employer rate to be £170 per week.

 

 

VAT

The standard rate will remain at 20%.  The turnover threshold for VAT registration is £85000 and the threshold for VAT registered businesses wishing to cancel their registration is £83000.  These amounts to remain in force until 31 March 2023.



Corporation Tax


The Corporation Tax rate (19%) will remain the same until April 2023 when the headline rate will increase to 25% for businesses with profits of £250000pa or more, tapering down to 19% for businesses with profits of up to £50000pa.