We keep you updated
We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at F1 Accounting.
We are very proud to announce that in May 2021 F1 Accounting has been given Silver Partner Status with Xero Cloud Accounting Software.
Limit at which people start paying tax to be raised from the current £12,500 to £12,750 from April 2021.
Higher Rate Income Tax
The higher rate threshold of 40% will be on earnings between £37,701 - £150,000 from April 2021 to March 2022 with earnings above £150,000 attracting 45%.
Currently the main rate is 19%. This is to increase from April 2023 for businesses with profits above £50,000 incrementally, going up to 25% for profits over £250,000.
Approximately 450,000 small firms will pay no Employer National Insurance. The Employment allowance for those businesses that qualify will remain at £4k per year.