budget Archives - Page 11 of 32 - Whitefield Tax - Isle of Wight Accountants

ACCA – Budget Income tax roundup

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation, personal taxatation

Here’s our guide to the changes for 2021, including a personal allowance freeze and Covid-related exemptions Income tax rates remain unchanged but personal allowance will be frozen for five years Personal allowance will rise to £12,570 from April 2021. It will...

Capital allowances and other new reliefs

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

AIA has already been extended to 31 December 2021. Enhanced super-deduction reliefs now available for certain investments. Annual Investment Allowance As previously announced last Autumn businesses, including manufacturing firms, can continue to claim up to £1m in...

Investor tax incentives

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

Extended tax incentives for social investment initiatives Of the four main venture capital schemes (EIS, SEIS, VCT, SITR) the 2021 Budget introduced a small change only to the Social Investment Tax Relief (SITR) which provides income and capital gains tax hold-over...

Pensions update – all you need to know

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, pensions

Updates to annual, lifetime and tapered annual allowances and more. Why make a pension contribution? When you save into a pension, the government usually gives you a top-up as a way of encouraging you to save for your future. If certain conditions are satisfied, tax...

Inheritance tax bands to freeze for five years

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, capital taxation

Thresholds on the nil-rate, and residence nil-rate and taper, will be fixed until 2026 Legislation will be introduced in Finance Bill 2021 to maintain the inheritance tax (IHT) nil-rate band (NRB), residence nil-rate band (RNRB) and RNRB taper threshold at their...

Temporary extension of losses carry-back for businesses

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

Extension of the period for trading losses carry-back to get a refund To support the UK economy to recover from the effects of the pandemic, businesses which have incurred trading losses in financial years 2020-21 and 2021-22 will have more flexibility to carry back...

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ACCA – Budget Income tax roundup

Capital allowances and other new reliefs

Investor tax incentives

Pensions update – all you need to know

Inheritance tax bands to freeze for five years

Temporary extension of losses carry-back for businesses

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