1. Capital Gains Tax (CGT)
The 30-day reporting and payment deadline for CGT on UK residential property has been extended to 60 days for transactions completing on or after 27 October 2021.
2. Annual Investment Allowance
The 100% rate is to continue at £1 million until 31 March 2023 (rather than dropping to £200,000 on 1 January 2022).
3. National Insurance Contributions (NIC)
As expected, there were 1.25% hikes in NIC, NIC thresholds and dividend tax rates from 6 April 2022. The Government says the money will be used to pay for the NHS and social care.
4. Residential Property Developer Tax
This is to be introduced from 1 April 2022 at 4% on profits of more than £25 million.
5. Tax years
Basis period rules for unincorporated business and LLPs will change from 2023/24.
6. Business Rates
English retail, hospitality, and leisure businesses can get a 50% discount on business rates in 2022-23, up to a maximum of £110,000. Long-term reforms of the system will be introduced in April 2023.
VAT will return to 20% after being cut during the pandemic. Late submission and payment penalty regimes are to change for accounting periods beginning on or after 1 April 2022.
8. Making Tax Digital
The new system for Income Tax Self Assessments has been delayed until 2024/25.
Workers on the National Living Wage (NLW) and National Minimum Wage will get more money in their pocket as increased rates will start in April 2022.
10. Recovery Loan Scheme (RLS)
There will be a six-month extension to the RLS until 30 June 2022. Businesses can apply for a loan of up to £2 million. Any loans will be 70% backed by the Government (down from 80%).
For more information on how these announcements might affect your business, please call 0845 606 9632 or email email@example.com