The Low Incomes Tax Reform Group (LITRG) point out that furlough pay from now until September 2021 could be based on two-year-old pay data and would not take into account recent pay rises, including the April 2021 minimum wage rate rise, if existing rules remain in place....
Taxpayers may be disappointed by today’s Budget announcement that the personal income tax allowance will be frozen at £12,570 from the 2021/22 tax year, through to 2025/26.1 Depending on wage inflation over those five tax years, this could result in people paying more income tax in r...
This article highlights some important Coronavirus Job Retention Scheme (CJRS) calculation considerations that will arise over the coming months, which are particularly important for employers with variably paid employees. ...
The Low Incomes Tax Reform Group (LITRG) is reminding taxpayers that they have only days to file their 2019/20 tax return online and avoid an automatic £100 late filing penalty. LITRG also advises that any tax owed for 2019/20 should be paid, or a payment plan set up, on or before 1 April 2021 to av...
The date of 30 September 2020 was the deadline by which those affected by the loan charge (who did not agree a settlement with HMRC), had to report the loan charge on a 2018/19 tax return and pay the tax due (or arrange a payment plan). HMRC are now issuing penalties to those that did not file a ret...
If you are self-employed and need to claim certain benefits, such as contributory Employment and Support Allowance, you may need to have paid Class 2 National Insurance contributions for 2019/20 before your claim can be processed. HMRC have published guidance for those who pay these contributions af...