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Newsletter - September 2021

Welcome t o the TaxAntics  September newsletter....

HACKNEY HALF 2021

Jerome LaneThis Sunday 26 September 2021, our director and principal tax advisor, Jerome Lane, will be completing the Hackney Half Marathon  to raise money for Shelter who helps millions of people every year struggling with bad housing or homelessness through advice, support, and legal services.

In either the wake of or the ongoing pandemic, the vulnerable including those in abusive relationships, those in poor housing conditions and the already homeless have suffered more than anyone in the UK ever should.

Help Shelter campaign to make sure that, one day, no one will have to turn to them for help and you don’t get Jerome trying to guilt trip you into sponsoring him on his deluded attempt to stay fit and beat old age.

Donating through JustGiving is simple, fast and totally secure. Your details are safe with JustGiving – they’ll never sell them on or send unwanted emails. Once you donate, they’ll send your money directly to the charity. So it’s the most efficient way to donate – saving time and cutting costs for the charity. If you can spare a few pounds, please follow the link to support Jerome and Shelter:

https://www.justgiving.com/fundraising/taxanticshackneyhalf2021

Budget 2021

Budget time MarleyChancellor Rishi Sunak has announced that the next Budget  will be held on 27 October 2021. This will be the third Budget since Rishi Sunak became chancellor.

The conclusion of the 2021 Spending Review will also set out how much money government departments can expect to get over the next three years.

It also comes as the government announces what Institute for Fiscal Studies director Paul Johnson called “the biggest tax rising year in many decades” after the prime minister set out tax changes to raise £12bn a year for social care.

Health and Social Care Tax

A new health and social care tax will be introduced across the UK to pay for reforms to the care sector and NHS funding in England.

The Prime Minister, Boris Johnson, claimed it would raise £12bn a year in a bid to improve social care and confront the healthcare challenges amplified by the Covid pandemic.

The tax which will be "legally ring-fenced" to go only towards health and social care costs  and paid by all working adults, will  start as a 1.25% rise in National Insurance from April 2022, before becoming a separate tax on earned income from 2023. Dividend income will also see a 1.25% tax rate increase.

A cap of £86,000 on lifetime contributions to care costs will be introduced in October 2021. From October 2023 no one with assets below £20,000 will pay a penny for care.

Exploring a change to the UK tax year end date

On the 15 September 2021 the Office for Tax Simplification (OTS) published findings for its analysis of the benefits, costs and wider implications for a change to the end of the tax year date for individuals.

The review explores the implications of changing the tax year end date to 31 December and a detailed evaluation of the implications of a move to 31 March.

You can read more here:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1016718/Tax_year_end_date_report___web_copy_.pdf

A new partnership - Blue Bricks Magazine

TaxAntics are delighted a new partnership with Blue Bricks magazine who aim to deliver quality, unbiased content that helps fellow property investors get ahead. You can read our latest article with them and find out more about the magazine here: https://bluebricksmagazine.com/structuring-a-property-business-for-tax/

Important Dates

1 October – due date for corporation tax for period ending 31 December 2020

7 October – filing deadline for quarterly VAT return for period ending 31 August 2021

19/22 October – due date for September PAYE and CIS payments

27 October – the Budget!

31 October – deadline to submit paper self-assessment tax returns if you’re old school

1 November – due date for corporation tax for period ending 31 January 2021

30 December – deadline to submit online tax returns if you meet the conditions for HMRC to collect any tax due via PAYE coding notices in the 2022/23 tax year

31 January 2022 – deadline for filing self-assessment tax return and settling any taxes due for the year ended 5 April 2021

Published: 24th September 2021