Tax Rates and Thresholds for 2021/22

The current tax year runs from 6th April 2021 until 5th April 2022. In his 2021 Budget announcement, Chancellor Rishi Sunak set out the tax rates and thresholds for the year. These have large implications for small and medium-sized businesses, especially in light of the economic instability created by the coronavirus pandemic. It’s crucial that…

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Why HMRC is stepping up tax pressure on SMEs

In October 2014 HMRC announced that there had been an increase in the ‘tax gap’ – the difference in the money that HMRC collects from taxpayers and the estimated value that is owed. This rise in the gap has been blamed on mistakes in tax return forms and criminal tax offences however HMRC believe that…

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