… For the years 2020/21, and 2021/22 the basic rate of income tax is 7.5% for dividend income, and 20% for all other non-dividend income. For 2020/21 the basic rate income tax band is on income up to £37,500. For 2021/22 and the years up to 2025/26 the basic rate

… In the Budget on 3 March 2021 the Chancellor announced the reintroduction of Freeports in England. In the past, 7 Freeports had operated in the UK between 1984 and 2012. Freeports are specific designated areas where the normal tax and customs rules do not apply. Under the new proposals

… The rate at which CGT is charged depends upon the income tax rate of the person making the disposal. Individuals pay CGT at a reduced rate where their total taxable gains and income are less than the upper limit of the income tax basic rate band of £37,500 for

… Where an asset is acquired and/or disposed of in a foreign currency, then the cost has to be converted to GBP at the exchange rate on the date of acquisition, and the proceeds converted to GBP at the exchange rate on the date of sale, so that the gain

… The self-assessment timetable is as follows: April 2021 Self-assessment Tax Returns for the year ended 5 April 2021 will be issued by H M Revenue & Customs. 31 May 2021 Employers must provide employees with a certificate of pay and tax deducted (currently form P60) for the year ended

… In the Budget on 29 October 2018 the Chancellor announced a new relief in respect of the construction costs for new structures and buildings intended for commercial use. The policy objective states that this is to support business investment in constructing new structures and buildings including necessary preparatory costs,

… In the Budget on 3 March 2021, the Chancellor announced a temporary extension to the loss carry-back provisions for companies and unincorporated businesses. This booklet discusses the new relief for unincorporated businesses. For the tax years 2020/21 and 2021/22 it is proposed that unrelieved trading losses will be able

… Partnerships are required to calculate their profits using GAAP. The value of work in progress must be accounted for at the lower of cost, or net realisable value. For these purposes “cost” will include the cost of direct labour, and attributable overheads, and the following items of expenditure should

… Up to 5 April 2020 employees were allowed to receive from their employer a fixed payment of £4 per week to cover tax deductible additional costs of working from home. From 6 April 2020 this was increased to £6 per week. Alternatively, employees can claim relief on the actual

… These grants are available to businesses in the hospitality, accommodation, leisure, personal care and gym sectors, and eligible businesses may be entitled to a one-off cash grant from their local council. This applies to businesses in England provided that the business is rate-paying, and trading on 1 April 2021.