Employers PAYE Penalties New in-year penalties for late payment of PAYE and late filing of RTI returns. Act now to avoid financial penalties!
Budget Update
The personal Income Tax allowance will rise to £12,570 and the higher rate threshold will be £50,270 for 2021/22
The National Insurance Contributions upper earnings limit and upper profits limit will remain aligned to the higher rate threshold at £50,270 for 2021/22
The exemption from stamp duty land tax on the first £500,000 of residential property value will be extended to 30 June 2021 and then replaced by a £250,000 exemption until 30 September 2021
The Capital Gains Tax annual exemption, Inheritance Tax rate nil rate bands and Pensions Lifetime Allowance have been frozen until April 2026
The ISA annual subscription limit for 2021/22 will remain at £20,000 and the corresponding limit for junior ISAs (JISAs) and child trust funds (CTFs) will stay at £9,000
For two years from April 2021, companies investing in qualifying new plant and machinery will benefit from a 130% first-year super-deduction
