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Current Tax Data

First Year Allowance (FYA) on certain plant,               100%

machinery and cars up to 50g/km

Annual Investment Allowance (AIA)£1,000,000

(£200,000 from 1 January 2022)

Excludes cars and expenditure already qualifying for FYA

Writing Down Allowance

Expenditure not qualifying for AIA or FYA:

Long-life assets, integral features of buildings,                           6%

cars over 110g/km.

Other plant and machinery                                                             18%

 

Structures and Buildings Allowance                                           3%    

From April 2020

First Year Allowance (FYA) on certain plant,   100%

machinery and cars up to 50g/km

 

Annual Investment Allowance (AIA) £1,000,000

£200,000 from 1 January 2022)

Excludes cars and expenditure already qualifying for FYA

 

Writing Down Allowance

Expenditure not qualifying for AIA or FYA:

Long-life assets, integral features of buildings,  6%

cars over 110g/km.

Other plant and machinery 18%

 

Structures and Buildings Allowance 3%    

From April 2020

Individuals                                       2021/22       2020/21

Exemption                                        £12,300        £12,300

Standard rate                                   10%               10%

Higher/additional rate                    20%               20%

Trusts

Exemption                                        £6,150          £6,150

Rate                                                   20%               20%

Individuals                                       2021/22     

Exemption                                        £12,300

Standard rate                                   10%

Higher/additional rate                    20%

Trusts

Exemption                                        £6,150

Rate                                                   20%

 

Individuals                                       2020/21

Exemption                                        £12,300

Standard rate                                   10%

Higher/additional rate                    20%

Trusts

Exemption                                         £6,150

Rate                                                    20%

2021/22 Cars registered pre 6.4.20 Cars registered after 5.4.20
CO2 emissions g/km % of list price taxed % of list price taxed
0 1 1
1-50
Electric range – 130 or more 2 1
70-129 5 4
40-69 8 7
30-39 12 11
under 30 14 13
51-54 15 14
For every extra 5 +1 +1
160 and above 37 n/a
165 and above n/a 37

For fully diesel cars generally add a 4% supplement (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard) but the maximum is still 37%. For emissions over 75g/km or more if the CO2 figure does not end in a 5 or 0 round down to the nearest 5 or 0.

2021/22
Car fuel benefit   £24,600
Van benefit £3,500
Van fuel benefit £669

 

2021/22 Cars registered pre 6.4.20
CO2 emissions g/km % of list price taxed
0 1
1-50
Electric range – 130 or more 2
70-129 5
40-69 8
30-39 12
under 30 14
51-54 15
For every extra 5 +1
160 and above 37
175 and above n/a
2020/21 Cars registered after 5.4.20
CO2 emissions g/km % of list price taxed
0 0
1-50
Electric range – 130 or more 1
70-129 4
40-69 7
30-39 11
under 30 13
51-54 14
For every extra 5 +1
160 and above n/a
165 and above 37

For fully diesel cars generally add a 4% supplement (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard) but the maximum is still 37%. For emissions over 75g/km or more if the CO2 figure does not end in a 5 or 0 round down to the nearest 5 or 0.

2021/22
Car fuel benefit   £24,600
Van benefit £3,500
Van fuel benefit £669

                                     Rate %                                            Rate %

Year to 31.3.22               19             Year to 31.3.21            19

Different rates apply for ring-fenced (broadly oil industry) profit.

Rate (Year 31.3.22) %  19

Rate (Year 31.3.21) %  19

Different rates apply for ring-fenced (broadly oil industry) profit.

 

Rates and bands (other than savings and dividend income)

 

               2021/2022                                       2020/2021

 Band £                      Rate %             Band £                      Rate %

 0 – 37,500                20                    0 – 37,500                 20

 37,701 – 150,000    40                    37,501 – 150,000     40

 Over 150,000           45                    Over 150,000            45

 

Savings Income                                  2021/22 and 2020/21

Savings allowance basic rate            £1,000

Savings allowance higher rate          £500

A starting rate of 0% may be available unless taxable non-savings income exceeds £5,000.

 

Dividend Income                               2021/22 and 2020/21

Dividend allowance                          £2,000

Dividend ordinary rate                      7.5%

Dividend upper rate                          32.5%

Dividend additional rate                  38.1%

Rates and bands (other than savings and dividend income)

2021/2022                                      

Band £                     Rate %

 0 – 37,500                20

 37,701 – 150,000    40

 Over 150,000          45

2020/2021       

Band £                     Rate %

0 – 37,500                 20

37,501 – 150,000     40

Over 150,000            45

 

Savings Income                                  2021/22 and 2020/21

Savings allowance basic rate            £1,000

Savings allowance higher rate          £500

A starting rate of 0% may be available unless taxable non-savings income exceeds £5,000.

 

Dividend Income                               2021/22 and 2020/21

Dividend allowance                          £2,000

Dividend ordinary rate                     7.5%

Dividend upper rate                         32.5%

Dividend additional rate                 38.1%

Death rate        Lifetime rate          Chargeable transfer (2020/21 & 2019/20)

Nil                      Nil                            0 – £325,000 (nil rate band)

40%                   20%                          Over £325,000

A further nil rate band of £175,000 may be available in relation to current or former residences.

Death rate    

Nil

40%

 

Lifetime rate     

Nil

20%

 

Chargeable transfer (2021/22 & 2020/21)

0 – £325,000 (nil rate band)

Over £325,000

 

A further nil rate band of £175,000 may be available in relation to current or former residences.

Payment Dates                                               2021/22       2020/21

Income Tax and Class 4 NIC

1st payment on account    31 January       2022              2021

2nd payment on account  31 July               2022              2021

Balancing payment            31 January        2023              2022

Class 2 NIC                         31 January        2023              2022

Capital Gains Tax              31 January        2023              2022

Class 1A NIC                      19 July               2022              2021

 

Corporation Tax – 9 months and one day after the end of the accounting period (quarterly instalments if a large company)

 

2020/21 Returns Filing Deadlines:

31 May 2021 – P60s to employees

6 July 2021 – P11D and P11D(b) and copies to employees

31 October 2021 – Paper Self Assessment Tax Return (SATR)

30 December 2021 – SATR Online where outstanding tax (subject to cap) to be included in 2022/23 PAYE code

31 January 2022 – SATR Online

Payment Dates                                               2021/22         

Income Tax and Class 4 NIC

1st payment on account    31 January       2022

2nd payment on account  31 July               2022

Balancing payment            31 January        2023

Class 2 NIC                           31 January        2023

Capital Gains Tax                31 January        2023

Class A1 NIC                       19 July               2022

 

Payment Dates                                           2020/21

Income Tax and Class 4 NIC

1st payment on account    31 January       2021

2nd payment on account  31 July               2021

Balancing payment            31 January        2022

Class 2 NIC                         31 January        2022

Capital Gains Tax               31 January        2022

Class 1A NIC                      19 July               2021

 

Corporation Tax – 9 months and one day after the end of the accounting period (quarterly instalments if a large company)

2020/21 Returns Filing Deadlines:

31 May 2021 – P60s to employees

6 July 2021 – P11D and P11D(b) and copies to employees

31 October 2021 – Paper Self Assessment Tax Return (SATR)

30 December 2021 – SATR Online where outstanding tax (subject to cap) to be included in 2022/23 PAYE code

31 January 2022 – SATR Online

2021/22 Class 1 (employed) rates

Employee                                       Employer

Earnings per week      %               Earnings per week      %

Up to £184                   Nil              Up to £170                    Nil

£184.01 – £967          12               Over £170                    13.8

Over £967                     2

 

Entitlement to contribution-based benefits for employees retained for earnings between £120 and £184 per week.

The employer rate is 0% for employees under 21 and apprentices under 25 on earnings up to £967 per week.

 

Class 1A (employers) 13.8% on employee taxable benefits

Class 1B (employers) 13.8% on PAYE Settlement Agreements

Class 2 (self-employed) flat rate per week £3.05 small profits threshold £6,515 per annum

Class 3 (voluntary) flat rate per week £15.40

Class 4 (self-employed) 9% on profits between £9,568 and £50,270 plus 2% on profits over £50,270

 

2020/21 Class 1 (employed) rates

Employee                                      

Earnings per week      %             

Up to £184                   Nil

£184.01 – £967           12

Over £967                     2

 

Employer                           

Earnings per week      %               

Up to £169                    Nil

Over £169                     13.8

 

Entitlement to contribution-based benefits for employees retained for earnings between £120 and £184 per week.

The employer rate is 0% for employees under 21 and apprentices under 25 on earnings up to £967 per week.

Class 1A (employers) 13.8% on employee taxable benefits

Class 1B (employers) 13.8% on PAYE Settlement Agreements

Class 2 (self-employed) flat rate per week £3.05 small profits threshold £6,515 per annum

Class 3 (voluntary) flat rate per week £15.40

Class 4 (self-employed) 9% on profits between £9,568 and £50,270 plus 2% on profits over £50,270

                                                                      2021/22             2020/21

Lifetime Allowance limit                           £1,073,100          £1,073,100

Annual Allowance limit                             £40,000               £40,000

Money Purchase Annual Allowance       £4,000                  £4,000

                                                                      2020/21            

Lifetime Allowance limit                           £1,073,100

Annual Allowance limit                             £40,000

Money Purchase Annual Allowance       £4,000

                                                                       2020/21

Lifetime Allowance limit                           £1,073,100

Annual Allowance limit                             £40,000

Money Purchase Annual Allowance       £4,000

                                                                   2021/22    2020/21

Weekly benefit                                              £                £

Basic State Pension                                137.60      134.25

New State Pension                                  179.60       175.20

Statutory pay standard rates

– Average weekly earnings £120 (£120) or over

Sick Pay                                                    96.35         95.85

Maternity/Adoption Pay                         151.97       151.20

Shared Parental Pay                                151.97      151.20

Paternity Pay                                             151.97      151.20

 

National Living Wage and National Minimum Wage

Age                                NLW      21-24     18-20   16-17    Apprentices

From 1 April 2021       £8.91    £8.36     £6.56    £4.62    £4.30

Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 23 and over.

                                                                   2021/22  

Weekly benefit                                              £               

Basic State Pension                                137.60

New State Pension                                  179.60

                                                                   2020/21

Weekly benefit                                              £              

Basic State Pension                                1134.25

New State Pension                                  175.20

Statutory pay standard rates

– Average weekly earnings £120 (£120) or over

                                                                   2021/22

Sick Pay                                                    96.35

Maternity/Adoption Pay                         151.97

Shared Parental Pay                                151.97

Paternity Pay                                             151.97

                                                                   2020/21

Sick Pay                                                    95.85

Maternity/Adoption Pay                         151.20

Shared Parental Pay                                151.20

Paternity Pay                                             151.20

National Living Wage and National Minimum Wage

From 1 April 2021 

NLW                  £8.91

21 – 24              £8.36

18 – 20              £6.56

16 – 17              £4.62

Apprentices    £4.30

Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 23 and over.

Land and buildings in England and N. Ireland

Residential rates may be increased by 3% where further residential properties are acquired.

 

Residential (£)             Rate (%)         Non-residential (£)      Rate (%)

0 – 500,000*                0                     0 – 150,000                    0

*500,001 -925,000          5                    150,001 – 250,000        2

925,001 – 1,500,000        10                     Over 1,500,000                 12/p>
 

*£250,000 from 1 July 2021. From 1 October 2021, 0% up to £125,000, 2% from £125,001 – £250,000 and 5% from £250,00, – £925,000

Land and buildings in England and N. Ireland

Residential rates may be increased by 3% where further residential properties are acquired.

 

Residential (£)             Rate (%)           

0 – 500,000*                  0

500,000*  – 925,000        5

925,001 – 1,500,000       10

Over 1,500,000    12

 

Non-residential (£)              Rate (%)

0 – 150,000                            0

150,001 – 250,000                2

Over 250,000                         5

 

*£250,000 from 1 July 2021, From 1 October 2021, 0% up to £125,000, 3% from £125,000 – £250,000 and 5% from £250,001 – £925,000.

                                                            From 01.04.21      From 01.04.20

Standard Rate                                  20%                         20%

Reduced Rate                                   5%*                          5%

Annual Registration Limit              £85,000                  £85,000

Annual Deregistration Limit           £83,000                  £83,000

From 01.04.21     

Standard Rate                                  20%

Reduced Rate                                   5%*

Annual Registration Limit              £85,000

Annual Deregistration Limit           £83,000

 

From 01.04.20

Standard Rate                                  20%

Reduced Rate                                   5%

Annual Registration Limit              £85,000

Annual Deregistration Limit           £83,000