The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
In the ever-fast-moving world of tax announcements and developments, this note pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.
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Following the end of the Brexit transition / implementation period at 11pm on 31 December 2020 (IP completion day), the Government has been re-issuing a number of Brexit webpages and guidance documents, collating existing stakeholder and sectoral guidance on legal and practical changes taking effect from 1 January 2021. These include:
Excise Notice 196 ― excise goods (registration and approval)
guidance on returning goods to the UK
Guidance on moving excise goods from Great Britain to Northern Ireland by parcel
Notices made under the Taxation (Cross-border Trade) Act 2018
Notices made under the Customs (Import Duty) (EU Exit) Regulations 2018 on the changes from the end of the Brexit transition period
An Order (SI 2021/111) has been made setting income tax allowances and limits for the tax year 2021/22.
Certain allowances and limits are increased by reference to the consumer prices index, but require an Order to set them out for the relevant year. This Order sets the limits and allowances that will have effect for the tax year 2021/22.
This Order increases:
the basic rate limit to £37,700
the personal allowance to £12,570
the blind person’s allowance to £2,520
the minimum amount for tax reductions for married couples and civil partners to £3,530
the amount by which the married couple’s allowance is calculated to £9,125
the adjusted net income limit for the married couple’s allowance to £30,400
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