Accounting Solutions update: What does the Budget mean for tax on your income?
Tuesday 16 March 2021
The recent Budget confirmed there will be modest increases in the personal allowance, from £12,500 to £12,570, and the higher rate tax threshold, from £50,000 to £50,270, for the 2021/22 tax year, with no change to the tax rates. The introduction of the higher corporation tax rate could be a good time to consider whether employer contributions should form part of the owners’ remuneration package.