Tax free personal allowance remains at £12,500
NLW for over 25’s increase from £8.21 to £8.72ph
National insurance contributions (NICs) threshold applies to class 1 primary contributions and class 4 NICs paid by the self – employed increases from £8,632 to £9,500
Doctors who earn under £200,000 no longer affected by ‘tapered’ tax relief on pension contributions
Pension lifetime allowance increases to £1,073,100 from £1,055,000
Flat rate expense for employees working from home rises from £4 per week to £6 per week
Benefits support for the self-employed relating to coronavirus self-isolation
Employers with under 250 employees, eligible to reclaim sick pay costs for coronavirus 14 day absence
Off-Payroll rules will be introduced into the Private sector as planned from April 6th (act now those who delayed)
Entrepreneurs Relief lifetime limit reduced by 90% to £1M
Individuals affected by the loan charge can split their loan balance over the prior three tax years ending 20/21
Tax Avoidance promoters and scheme operators.
HMRC given increased powers to act on information on discovery of a scheme.These powers will apply to schemes already known to them, where action had not yet been taken.