Tax – Asectra

Self assessment threshold raised to £150,000 from 2023/24

From the 2023/24 tax year, the self-assessment (SA) threshold for individuals who are taxed solely through PAYE will increase to £150k.

UK corporation tax increase from 19% to 25% from April 2023, affecting companies with profits of £250,000 and over.

End of Paper SA Returns: HMRC Contacting Paper Filers to inform them that they will need to phone HMRC to receive paper forms.

Spring Budget includes significant pension reforms, increasing the annual allowance to £60,000 and abolishing the pension LTA.

Taxpayers have been given an extended window until 31 July 2023 to make voluntary NI contributions going back to April 2006.

A new 130% first-year capital allowance for qualifying P&M assets; and a 50% first-year allowance for qualifying special rate assets.

A collection of tax rules and changes come into force from the start of April 2021, including the introduction of off-payroll working (IR35).

With high volumes of applications causing processing delays, HMRC is urging applicants to double check applications before submission.

Employees working from home due to the COVID-19 pandemic are still allowed to claim working from home tax relief on expenses.

On 3 March, the Chancellor, Rishi Sunak delivered the government’s Budget for 2021. You can find out more about the CJRS on GOV.UK.