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  • Writer's pictureTLC Chartered Accountants

Autumn Budget 2021

If you are not already aware, HMRC published the Autumn 2021 budget and I want to draw your attention to the following key points:

  • HMRC have confirmed that National Insurance contributions and Dividend Tax rates are increasing by 1.25% from 6 April 2022.

  • Income Tax bands and allowances will remain the same from April 2022 until April 2026.

  • From 27th October 2021 the deadline for UK residents to report and pay Capital Gains Tax after selling UK residential property will increase from 30 days to 60 days after completion.

  • The annual exempt amount for capital gains tax (CGT) is unchanged at £12,300 and will remain at this level until 5 April 2026.

  • The new Health and Social Care Levy was announced in September and includes the increase in National Insurance and Dividend Tax.

  • The earliest age at which most pension savers can access their pension savings without incurring an unauthorised payments tax charge will be increased to 57 (currently 55) from 6 April 2028.

  • A 50% business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000

  • National Minimum Wage to increase next year by 6.6% (please see the updated NMW blog post for the new rates).

  • Fuel duty rates will remain frozen for 2022/23, for the 12th year in succession.

  • The VAT threshold will remain at £85,000 until 31 March 2024. The taxable turnover threshold which determines whether a person may apply for deregistration will remain at £83,000.

  • Making Tax Digital reform for Income Tax Self-Assessment to be introduced from 2024/25 along with a new penalty regime for late submission and payment.

For more information regarding the autumn budget and spending review, please visit:

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