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How does the Autumn Budget 2021 impact on you and your business? Find out here

The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Find out how the Budget impacts on you and your business below

Main Autumn Budget 2021 proposals Tax measures include:

  • a new temporary business rates relief in England for eligible retail, hospitality and leisure properties for 2022/23
  • a change in the earliest age from which most pension savers can access their pension savings without incurring a tax charge. From April 2028 this will rise to 57
  • the retention of the £1 million annual investment allowance until 31 March 2023
  • individuals disposing of UK property on or after 27 October 2021 now have a 60 day CGT reporting and payment deadline, following the completion of the disposal. Other measures include:
  • a complete overhaul of alcohol duties that will see drinks taxed on their strength
  • the cancellation of the previously announced rise in fuel duties
  • pubs supported with a reduction in draught beer and cider duty
  • increases in the National Living Wage and the National Minimum Wage rates
  • an ultra-long-haul band of air passenger duty introduced. Some Budget proposals may be subject to amendment in the Finance Bill 2021-22.

Out Budget Summary below provides an overview of the key announcements arising from the Chancellor’s speech. Analysis and commentary from the experts here at HB Accountants, identifying the key tax changes and outlining the practical implications for you and your business

HB Accountants’ Autumn Budget 2021 Summary

Scroll through HB Accountants’ Autumn Budget 2021 Summary above or download to your desktop by clicking the download arrow button in the dashboard;

Autumn Budget 2021 update

If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch.

IMPORTANT Remaining Tax Dates for 2021/22

October 2021

31Deadline for submitting ‘paper’ 2020/21 self assessment returns

November 2021

2Deadline for submitting P46 (Car) for employees whose car/fuel benefits changed during the quarter to 5 October 2021
19PAYE, Student loan and CIS deductions are due for the month to 5 November 2021

December 2021

1New Advisory Fuel Rates (AFR) for company car users apply from today
19PAYE, Student loan and CIS deductions are due for the month to 5 December 2021
30Online filing deadline for submitting 2020/21 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2022/23 tax code
31End of CT61 quarterly period.
Filing date for Company Tax Return Form CT600 for period ended 31 December 2020

January 2022

1Due date for payment of corporation tax for period ended 31 March 2021
14Due date for income tax for the CT61 quarter to 31 December 2021
19PAYE, Student loan and CIS deductions are due for the month to 5 January 2022
PAYE quarterly payments are due for small employers for the pay periods 6 October 2021 to 5 January 2022.
31Deadline for submitting your 2020/21 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2020/21 liability together with the first payment on account for 2021/22 are also due.
Capital gains tax payment for 2020/21.
Balancing payment – 2020/21 income tax and Class 4 NICs. Class
2 NICs also due.

February 2022

2Deadline for submitting P46 (Car) for employees whose car/fuel benefits changed during the quarter to 5 January 2022.
19PAYE, Student loan and CIS deductions are due for the month to 5 February 2022.

March 2022

1New Advisory Fuel Rates (AFR) for company car users apply from today.
35% late payment penalty on any 2020/21 outstanding tax which was due on 31 January 2022 and still remains unpaid.
1919 PAYE, Student loan and CIS deductions are due for the month to 5 March 2022.
31End of corporation tax financial year.
End of CT61 quarterly period.
Filing date for Company Tax Return Form CT600 for period ended 31 March 2021.
Last minute planning for tax year 2021/22 – please contact us for advice.

Don’t forget, we can help to ensure that your accounts are accurate and fully compliant. We can also suggest strategies to minimise your tax liability and maximise your profitability. 

HB Accountants are here to help: giving you access to experienced accountants and useful information and support no matter your business size or sector. If you would like a no obligation discussion about how we can help you and your business, please feel free to contact the team on 01992 444466.  We’re accountants for business and we’re here to help you grow.

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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above

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