Now that the dust has had time to settle on Chancellor Rishi Sunak’s Autumn Budget statement, we take a look at the top 10 announcements.
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.
The 100% rate is to continue at £1 million until 31 March 2023 (rather than dropping to £200,000 on 1 January 2022).
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.
This is to be introduced from 1 April 2022 at 4% on profits of more than £25 million.
Basis period rules for unincorporated business and LLPs will change from 2023/24.
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.
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.
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%).
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