(8 Minute Read) What the budget means for you in a nutshell Personal Tax. Increase in personal allowance in 2021/22 up to £12,570, then frozen at that level until at least 2026. Higher Rate threshold increased to £50,270, and frozen at this level. There are no changes in the ISA subscription limit, meaning you will… Read more »
(9 Minute Read) Key tax information to help you get planning before 5th April 2021. Income Tax. Personal Savings Allowance (PSA) means that the first £1,000 of interest on savings is tax free for standard rate payers. For higher rate tax payers the allowance is £500, and for additional rate payers there is no allowance. The… Read more »
(4 Minute Read) Key information on pension contributions! What is it? If you are a UK taxpayer you can get tax relief on pension contributions of up to 100% of you earnings, or £40,000 whichever is lower. This means that some money that would otherwise go the tax man will instead go to your pension… Read more »
It has been reported that micro-businesses are struggling to prepare for auto-enrolment as staging dates loom over the next coming year. The costs for auto-enrolment are estimated at £8,000 per small business, yet 40% of vulnerable small businesses believe it will cost nothing to set up whilst 11% think it will cost around £5,000. On… Read more »
