Personal Tax: Budget and Spending Review 2021
Last week’s Budget saw a number of announcements that will impact on individuals, most notably the National Insurance increase to pay for social and health care.
Last week’s Budget saw a number of announcements that will impact on individuals, most notably the National Insurance increase to pay for social and health care.
The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12bn a year to support the NHS and social care.
HMRC have recently confirmed that they will be bound by CEST results provided the information is accurate and it is used in accordance with their guidance.
Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced.
Reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties.
If employees are to avoid paying fuel benefit they need to fully reimburse their employer for the cost of private fuel by 6 July 2021 for the 2020/21 tax year.