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.
Made with FlippingBook - professional solution for displaying marketing and sales documents online