Budget 2021 – Personal tax & further support measures

Personal tax

Employment Coronavirus Job Retention Scheme (CJRS) – The Chancellor has announced an extension to the furlough scheme until the end of September 2021.  There will be no change for employees who will continue to receive 80% of their current salary for hours not worked.  Employers will continue to cover National Insurance contributions and pensions but from July will be asked … Read More

Budget 2020 Personal and employment taxes

Employment Taxes National Insurance thresholds at which employees and the self-employed start paying National Insurance contributions have increased from £8,632 to £9,500 from April 2020. This will represent a saving of around £100 per year. To help support the employment of veterans, there will be a new National Insurance holiday for employers of veterans in first year of civilian employment. … Read More

Budget 2017 – employed and self employed taxes

Self Employed Making Tax Digital employed and self employed taxes – Following concerns from tax professionals and taxpayers alike on the tight implementation timeframe, the government will delay the introduction of quarterly reporting for unincorporated businesses and landlords with turnover below the VAT threshold until April 2019. In addition, the cash basis entry threshold will be increased to £150,000 and … Read More

Budget 2016 – personal tax

Personal Tax Rates and Allowances The personal allowance will be increased from £11,000 in 2016-17 to £11,500 in 2017-18. This continues to ensure that no-one working 30 hours per week on the National Minimum Wage (NMW) will pay income tax in 2017-18. As a result of the increase, a typical basic rate taxpayer will pay over £1,000 less income tax … Read More

Budget Highlights 2013 – Personal tax highlights

Budget 2013 Highlights Budget 2013 – A Budget for the ‘Aspiration Nation’ Chancellor Osborne hailed the UK an ‘aspiration nation’ and his Budget was designed to help those who wanted to work hard and encourage employment in the UK. The economics in brief: Chancellor confirmed the debt targets had been missed and he would be borrowing more than planned, although … Read More