Experts in Compliance & Contingent Worker Employment
info@pendragonconsultancy.co.uk0800 888 6066

BUDGET IN BRIEF

December 17, 2020

FOR RICHER Tax free personal allowance remains at £12,500NLW for over 25's increase from £8.21 to £8.72phNational insurance contributions (NICs) threshold applies to class 1 primary contributions and class 4 NICs paid by the self - employed increases from £8,632 to £9,500Doctors who earn under £200,000 no longer affected by 'tapered' tax relief on pension contributionsPension lifetime allowance increases to £1,073,100 from £1,055,000Flat rate expense for employees working from home rises from £4 per week to £6 per weekBenefits support for the self-employed relating to coronavirus self-isolationEmployers with under 250 employees, eligible to reclaim sick pay costs for coronavirus 14 day absenceFOR POOREROff-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 £1MLoan ChargeIndividuals affected by the loan charge can split their loan balance over the prior three tax years ending 20/21Tax 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.[widget id="recent-posts-2"]

Let’s Chat

If you’re contracting and looking for a professional and friendly service then call and speak to a member of the team to sign up.