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

Posted on October 28, 2021 by Karen Chase

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

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

November 2021

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

December 2021

1	New Advisory Fuel Rates (AFR) for company car users apply from today
19	PAYE, Student loan and CIS deductions are due for the month to 5 December 2021
30	Online 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
31	End of CT61 quarterly period. Filing date for Company Tax Return Form CT600 for period ended 31 December 2020

January 2022

1	Due date for payment of corporation tax for period ended 31 March 2021
14	Due date for income tax for the CT61 quarter to 31 December 2021
19	PAYE, 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.
31	Deadline 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

1	New Advisory Fuel Rates (AFR) for company car users apply from today.
3	5% late payment penalty on any 2020/21 outstanding tax which was due on 31 January 2022 and still remains unpaid.
19	19 PAYE, Student loan and CIS deductions are due for the month to 5 March 2022.
31	End 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.