Our 2021/22 #TaxRate cards is now available to view and download. It contains lots of information on personal, business, employment, property and capital taxes. To discuss any of these topics with our advisers please call 0330 058 6559 or email hello@scruttonbland.co.uk
www.scruttonbland.co.uk
Income Tax
Rates and bands (other than savings and dividend income) 2021/22 2020/21 Band £ Rate % Band £
Rate %
0 - 37,700 37,701 - 150,000 Over 150,000
20 40 45
0 - 37,500 37,501 - 150,000 Over 150,000
20 40
45 Income tax rates in Scotland and Wales on income other than savings and dividend income have been devolved. 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%
Income Tax Reliefs
2021/22 2020/21 £100,000 £100,000
Personal allowance Personal allowance income limit Marriage allowance Married couple’s allowance
£12,570 £1,260 £9,125 £3,530 £30,400 £2,520
£12,500 £1,250 £9,075 £3,510 £30,200 £2,500
- minimum amount - income limit
Blind person’s allowance
Individual Savings Accounts
2021/22 2020/21
Overall investment limit Junior account investment limit
£20,000 £9,000
£20,000 £9,000
Car, Van and Fuel Benefits
Cars registered pre 6.4.20 % of list price taxed
Cars registered after 5.4.20 % of list price taxed
2021/22
CO 2 emissions g/km
0
1 2 5
1 1 4
1-50 Electric range - 130 or more
70 - 129 40 - 69 30 - 39 under 30
8 12 14 15 +1 37 n/a
7 11 13 14 +1 n/a
51-54
For every extra 5 160 and above 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 of 75g/km or more if the CO 2 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
National Insurance
2021/22 Class 1 (employed) rates Employee Employer Earnings per week % Earnings per week
% Nil
Up to £184 £184.01 - £967 Over £967
Nil Up to £170 12 Over £170
13.8
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) Class 1B (employers)
13.8% on employee taxable benefits 13.8% on PAYE Settlement Agreements small profits threshold £6,515 per annum
Class 2 (self-employed) flat rate per week £3.05 flat rate per week £15.40 Class 4 (self-employed) 9% on profits between £9,568 and Class 3 (voluntary)
£50,270 plus 2% on profits over £50,270
Stamp Duty Land Tax
Land and buildings in England and N. Ireland Residential rates may be increased by 3% where further residential properties are acquired. Residential Band £ Rate % Non-residential Band £ 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 250,000 5 Over 1,500,000 12 *£250,000 from 1 July 2021. From 1 October 2021, 0% up to £125,000, 2% from £125,001 - £250,000 and 5% from £250,001 - £925,000.
Capital Gains Tax
Individuals Exemption Standard rate
2021/22 2020/21
£12,300 10% 20% £6,150 20%
£12,300 10% 20% £6,150
Higher/additional rate
Trusts Exemption
Rate 20% Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest. Business Asset Disposal Relief The first £1m of qualifying gains are charged at 10%.
Death rate Lifetime rate Inheritance Tax
Chargeable transfers 2021/22 and 2020/21 0 - £325,000 (nil rate band)
Nil 40%
Nil 20%
Over £325,000 A further nil rate band of £175,000 may be available in relation to current or former residences.
Corporation Tax
Rate %
Rate %
Year to 31.3.22
19 Year to 31.3.21
19
Different rates apply for ring-fenced (broadly oil industry) profit.
Capital Allowances
Corporation tax super-deduction on certain plant and machinery First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km Corporation tax FYA on long-life assets, integral features of buildings, etc. Annual Investment Allowance (AIA) £1,000,000 (£200,000 from 1 January 2022) Excludes cars Writing Down Allowance Long-life assets, integral features of buildings, cars over 50g/km Other plant and machinery Structures and Buildings Allowance
130% 100%
50%
6%
18% 3%
Pensions
2021/22 2020/21 £1,073,100 £1,073,100
Lifetime Allowance limit Annual Allowance limit
£40,000
£40,000 £4,000
Money Purchase Annual Allowance £4,000
Value Added Tax
From 1.4.21 From 1.4.20
Standard rate Reduced rate
20% 5%*
20% 5%
Annual Registration Limit Annual Deregistration Limit
£85,000 £83,000
£85,000
Disclaimer: Rates are for guidance only. No responsibility for loss occasioned by any person acting/ refraining from action as a result of this information can be accepted by the authors or firm. £83,000 *12.5% for hospitality and tourism from 1 October 2021 - 31 March 2022.
Weekly benefit Basic State Pension New State Pension Selected Rates Statutory pay standard rates
2021/22 2020/21
£
£
137.60 179.60
134.25 175.20
- average weekly earnings £120 (£120) or over
Sick Pay
96.35 151.97 151.97 151.97
95.85 151.20 151.20 151.20
Maternity/Adoption Pay Shared Parental Pay Paternity Pay
National Living Wage and National Minimum Wage Age From 1 April 2021 £8.91 £8.36 £6.56 £4.62
NLW 21-22 18-20 16-17 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.
Key Dates and Deadlines Payment Dates Income Tax and Class 4 NIC 1st payment on account 31 January 2nd payment on account 31 July
2021/22 2020/21
2022 2022 2023 2023 2023 2022
2021 2021 2022 2022 2022
Balancing payment Capital Gains Tax Class 1A NIC Class 2 NIC
31 January 31 January 31 January 19 July
2021 Corporation Tax – 9 months and one day after the end of accounting period (quarterly instalments if 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
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