{"id":1903,"date":"2021-10-28T14:21:20","date_gmt":"2021-10-28T14:21:20","guid":{"rendered":"https:\/\/www.aelmarkhams.co.uk\/?p=1903"},"modified":"2021-11-01T16:46:22","modified_gmt":"2021-11-01T16:46:22","slug":"october-2021-budget-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/aelmarkhams.co.uk\/october-2021-budget-what-you-need-to-know\/","title":{"rendered":"October 2021 Budget &#8211; What You Need To Know!"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Chancellor Rishi Sunak presented his 2021 Budget on Wednesday 27th October 2021. T<\/span>he key announcements are summarised below;<\/p>\n<p><strong>Businesses<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/corporation-tax-charge-and-rates-from-1-april-2022-and-small-profits-rate-and-marginal-relief-from-1-april-2023\/corporation-tax-charge-and-rates-from-1-april-2022-and-small-profits-rate-and-marginal-relief-from-1-april-2023\">The main rate of corporation tax will remain at 19% until April 2023. From this date the main rate will increase to 25%, with a Small Profits Rate of 19% for profits not exceeding \u00a350,000. There will be marginal relief for profits between \u00a350,000 and \u00a3250,000 (these thresholds are proportionately reduced for the number of associated companies and short periods). Close investment holding companies, including most family investment companies, will not qualify for the 19% rate.<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/annual-investment-allowance-extension\/annual-investment-allowance-extension\">Between 1 April 2021 and 31 March 2023 (extended in the Budget from 31 December this year), expenditure on new plant and machinery qualifies for a 130% super-deduction. Expenditure on assets in the special rate pool (such as integral features in buildings and certain cars) will benefit from a 50% first year allowance.<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/capital-allowances\/annual-investment-allowance\">The \u00a31 million annual investment allowance (AIA) limit for expenditure on plant and machinery will be extended until 31 March 2023.<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/statistics\/corporate-tax-research-and-development-tax-credit\/research-and-development-tax-credits-statistics-september-2021\">From April 2023, Research &amp; Development (R&amp;D) Tax Relief will be extended to include data and cloud accounting costs. Plans to target abuse and improve compliance will be published later in the Autumn.<\/a><\/li>\n<\/ul>\n<ul>\n<li>No changes to income tax or CGT rates or allowances but deadline for reporting gains on residential property extended from 30 to 60 days for sales completed after budget day, This is good news for those clients who are in the process of a sale or planning to mitigate exposure to IHT;<\/li>\n<\/ul>\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/residential-property-developer-tax\/residential-property-developer-tax\">From 1 April 2022, Residential Property Developer Tax will be introduced at 4% for businesses with profits over \u00a325 million.<\/a><\/li>\n<\/ul>\n<ul>\n<li>Tax relief for museums and galleries will be extended until March 2024 with immediate significant increases in cultural tax reliefs;<\/li>\n<li><a href=\"https:\/\/www.gov.uk\/hmrc-internal-manuals\/company-taxation-manual\/ctm81520\">Group relief for corporate losses arising in EEA subsidiaries abolished;<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/change-to-the-diverted-profits-tax-rate-from-1-april-2023\/change-to-the-diverted-profits-tax-rate-from-1-april-2023\">A 6% increase in Diverted Profits tax from 2023\/24.<\/a><\/li>\n<\/ul>\n<p><strong>Individuals<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/health-and-social-care-levy\/health-and-social-care-levy\">The 1.25% Health and Social Care Levy will be introduced from 6 April 2022 via an increase to National Insurance Contributions, before becoming a freestanding levy from 6 April 2023.<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/increase-of-the-rates-of-income-tax-applicable-to-dividend-income\/increase-of-the-rates-of-income-tax-applicable-to-dividend-income-2104#:~:text=This%20measure%20increases%20the%20rates,and%2039.35%25%20from%20April%202022.\">From 6 April 2022, the dividend tax rates will also be increased by 1.25%. The basic rate dividend tax will increase to 8.75%, the higher rate dividend tax will increase to 33.75% and the additional rate dividend tax will increase to 39.35%. No increases or changes to the main or savings income tax rates.<\/a><\/li>\n<li>No increases to capital gains tax and inheritance tax rates or allowances. No changes to reliefs, including APR and BPR.<\/li>\n<li>The 30 day time limit for reporting capital gains on the sale of residential property and for payment of the tax has been increased to 60 days from Budget day.<\/li>\n<li><a href=\"https:\/\/www.gov.uk\/income-tax-rates\">The income tax limits and personal allowance will remain at their current level until April 2026.<br \/>\n<\/a><\/li>\n<li>The SDLT nil rate band for property purchases reverted to \u00a3125,000 from 1 October 2021.<\/li>\n<li><a href=\"https:\/\/www.gov.uk\/universal-credit\/how-your-earnings-affect-your-payments\">The taper rate in Universal Credit will reduce from 63p to 55p and work allowance increased to \u00a3500.<\/a><\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/news\/large-minimum-wage-increase-to-boost-low-paid-workers-incomes\">National Living Wage will increase to \u00a39.50 an hour from 6 April 2022 for employees aged 23 years and over.<\/a><\/li>\n<\/ul>\n<ul>\n<li>Changes to basis periods for unincorporated entities effective for 2024\/25 so regardless of the accounting date the business\u2019s profit or loss will be that arising in the tax year, This is a major change expected to raise an additional \u00a3820 million in the first full year.<\/li>\n<li>No announcements on pensions lifetime or annual allowances;<\/li>\n<\/ul>\n<p><strong>VAT and indirect taxation<\/strong><\/p>\n<ul>\n<li>VAT registration threshold will remain at \u00a385,000 until 31 March 2024.<\/li>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/amendments-to-the-surcharge-on-banking-companies\/amendments-to-the-surcharge-on-banking-companies\">The bank surcharge will be cut from 8% to 3% for banks with revenue over \u00a325 million. For challenger banks, this limit is \u00a3100 million.<\/a><\/li>\n<li>50% business rate discount, from 6th April 2022 to 5th April 2023, for companies in the retail, hospitality and leisure sectors, up to a maximum of \u00a3110,000.<\/li>\n<\/ul>\n<p><strong>Duties<\/strong><\/p>\n<ul>\n<li>Alcohol, fuel and vehicle excise duty rates have been frozen.<\/li>\n<li><a href=\"https:\/\/www.internationalairportreview.com\/news\/169336\/air-passenger-duty-to-rise-on-long-haul-flights\/\">Air passenger duties will be reduced by 50% for domestic flights from 1 April 2023.<\/a><\/li>\n<li>In wide-ranging changes to the whole regime for duties on alcohol, higher strength alcoholic drinks will attract higher duties and lower strength drinks will attract lower tax rates.<\/li>\n<li>Draught Relief and Small Brewers\u2019 Relief will be introduced to encourage small scale brewers and pubs.<\/li>\n<li>Vehicle excise duties set to rise on cars, vans and motorcycles from April 2022;<\/li>\n<\/ul>\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/income-tax-changes-to-benefit-charges-for-vans-and-the-fuel-benefit-charge-for-cars-and-vans\/income-tax-changes-to-benefit-charges-for-vans-and-the-fuel-benefit-charge-for-cars-and-vans\">The flat-rate van benefit charge will increase to \u00a33,600; the multiplier for the car fuel benefit will increase to \u00a325,300; and the flat-rate van fuel benefit charge will increase to \u00a3688<\/a>;<\/li>\n<\/ul>\n<div id='contact-form-1903'>\n<form action='https:\/\/aelmarkhams.co.uk\/october-2021-budget-what-you-need-to-know\/#contact-form-1903' method='post' class='contact-form commentsblock'>\n<script>\n\t\t\t( function () {\n\t\t\t\tconst contact_forms = document.getElementsByClassName('contact-form');\n\n\t\t\t\tfor ( const form of contact_forms ) {\n\t\t\t\t\tform.onsubmit = function() {\n\t\t\t\t\t\tconst buttons = form.getElementsByTagName('button');\n\n\t\t\t\t\t\tfor( const button of buttons ) {\n\t\t\t\t\t\t\tbutton.setAttribute('disabled', true);\n\t\t\t\t\t\t}\n\t\t\t\t\t}\n\t\t\t\t}\n\t\t\t} )();\n\t\t<\/script>\n<div class='grunion-field-wrap grunion-field-name-wrap'  >\n<label\n\t\t\t\tfor='g1903-name'\n\t\t\t\tclass='grunion-field-label name'\n\t\t\t\t>Name<span>(required)<\/span><\/label>\n<input\n\t\t\t\t\ttype='text'\n\t\t\t\t\tname='g1903-name'\n\t\t\t\t\tid='g1903-name'\n\t\t\t\t\tvalue=''\n\t\t\t\t\tclass='name' \n\t\t\t\t\trequired aria-required='true'\n\t\t\t\t\/>\n\t<\/div>\n\n<div class='grunion-field-wrap grunion-field-email-wrap'  >\n<label\n\t\t\t\tfor='g1903-email'\n\t\t\t\tclass='grunion-field-label email'\n\t\t\t\t>Email<span>(required)<\/span><\/label>\n<input\n\t\t\t\t\ttype='email'\n\t\t\t\t\tname='g1903-email'\n\t\t\t\t\tid='g1903-email'\n\t\t\t\t\tvalue=''\n\t\t\t\t\tclass='email' \n\t\t\t\t\trequired aria-required='true'\n\t\t\t\t\/>\n\t<\/div>\n\n<div class='grunion-field-wrap grunion-field-url-wrap'  >\n<label\n\t\t\t\tfor='g1903-website'\n\t\t\t\tclass='grunion-field-label url'\n\t\t\t\t>Website<\/label>\n<input\n\t\t\t\t\ttype='url'\n\t\t\t\t\tname='g1903-website'\n\t\t\t\t\tid='g1903-website'\n\t\t\t\t\tvalue=''\n\t\t\t\t\tclass='url' \n\t\t\t\t\t\n\t\t\t\t\/>\n\t<\/div>\n\n<div class='grunion-field-wrap grunion-field-textarea-wrap'  >\n<label\n\t\t\t\tfor='contact-form-comment-g1903-message'\n\t\t\t\tclass='grunion-field-label textarea'\n\t\t\t\t>Message<\/label>\n<textarea\n\t\t                name='g1903-message'\n\t\t                id='contact-form-comment-g1903-message'\n\t\t                rows='20' class='textarea'  ><\/textarea>\n\t<\/div>\n\t<p class='contact-submit'>\n\t\t<button type='submit' class='pushbutton-wide'>Submit<\/button>\t\t<input type='hidden' name='contact-form-id' value='1903' \/>\n\t\t<input type='hidden' name='action' value='grunion-contact-form' \/>\n\t\t<input type='hidden' name='contact-form-hash' value='8ae3f1053a1f25b64ddb50aef636572e70864e0b' \/>\n\t<\/p>\n<\/form>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chancellor Rishi Sunak presented his 2021 Budget on Wednesday 27th October 2021. The key announcements are summarised below; Businesses The main rate of corporation tax will remain at 19% until April 2023. From this date the main rate will increase to 25%, with a Small Profits Rate of 19% for profits not exceeding \u00a350,000. There will be marginal relief for &#8230; <\/p>\n<div><a href=\"https:\/\/aelmarkhams.co.uk\/october-2021-budget-what-you-need-to-know\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":7,"featured_media":1904,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[5],"tags":[9],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>October 2021 Budget &#8211; What You Need To Know! - AEL Markhams<\/title>\n<meta name=\"description\" content=\"From 6 April 2020 UK residents who sell a residential property that gives rise to a capital gains tax (CGT) liability must send a new standalone online return to HMRC and pay the tax due within 30 days of completion of the sale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aelmarkhams.co.uk\/october-2021-budget-what-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"October 2021 Budget &#8211; What You Need To Know! 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These changes, set to take effect from April 2023, bring both opportunities and considerations for businesses operating in the UK. In this blog post, we will explore\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"Understanding the Updated Corporation Tax Rates","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2023\/08\/percentage-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2953,"url":"https:\/\/aelmarkhams.co.uk\/unlocking-business-potential\/","url_meta":{"origin":1903,"position":1},"title":"Unlocking Business Potential: A Guide to Different Types of Capital Allowances","date":"December 21, 2023","format":false,"excerpt":"When it comes to navigating the intricate world of business finances, understanding the various types of capital allowances is key. These allowances play a pivotal role in determining the tax relief a business can claim on certain expenditures, ultimately impacting its bottom line. In this comprehensive guide, we'll explore the\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2023\/12\/pexels-george-becker-792031-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1434,"url":"https:\/\/aelmarkhams.co.uk\/budget2020\/","url_meta":{"origin":1903,"position":2},"title":"2020 Budget &#8211; What&#8217;s in store?","date":"March 17, 2020","format":false,"excerpt":"Chancellor Rishi Sunak presented his 2020 Budget on Wednesday 11th March. We have summarised the top headlines business owners and employees need to be aware of: Business Owners Corporation tax: The main rate of corporation tax will remain at 19% for 2020\/21 Employment Allowance: Employer National Insurance Contributions is increasing\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2020\/03\/NEW-copy.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":9362,"url":"https:\/\/aelmarkhams.co.uk\/budget-2024\/","url_meta":{"origin":1903,"position":3},"title":"March 2024 BUDGET &#8211; What you need to know!","date":"March 7, 2024","format":false,"excerpt":"Overview These key points include measures that were announced previously but are about to come into force. Measures which have been announced but will not take effect during 2024 are listed separately below. Personal tax The main personal tax-free allowance (\u00a312,570) and the 40% tax rate threshold (\u00a350,270) remain frozen\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2024\/03\/65e87f4676520561588530.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2147,"url":"https:\/\/aelmarkhams.co.uk\/autumn2022statement\/","url_meta":{"origin":1903,"position":4},"title":"Autumn 2022 Statement \u2013 What You Need To Know","date":"November 18, 2022","format":false,"excerpt":"Chancellor Jeremy Hunt presented his 2022 autumn statement on Thursday 17th November 2022.\u00a0 The key announcements are summarised below; Personal\/Employee State pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflation. Top 45% additional rate of income tax will be paid on earnings over \u00a3125,140,\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"Autumn2022","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2022\/11\/Picture1.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2009,"url":"https:\/\/aelmarkhams.co.uk\/growth-plan\/","url_meta":{"origin":1903,"position":5},"title":"Mini Budget 2022 Statement \u2013 What You Need To Know","date":"October 5, 2022","format":false,"excerpt":"Chancellor Kwasi Kwarteng presented his 2022 growth plan on Friday 23rd September 2022. The Chancellor's statement was not a Budget, but a 'Growth Plan'. The key announcements are summarised below; Stamp Duty Land Tax No stamp duty to be paid on the first \u00a3250,000 \u2013 up from \u00a3125,000. First-time buyers\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2022\/09\/efwfewfew.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/posts\/1903"}],"collection":[{"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/comments?post=1903"}],"version-history":[{"count":5,"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/posts\/1903\/revisions"}],"predecessor-version":[{"id":1912,"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/posts\/1903\/revisions\/1912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/media\/1904"}],"wp:attachment":[{"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/media?parent=1903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/categories?post=1903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aelmarkhams.co.uk\/wp-json\/wp\/v2\/tags?post=1903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}