Matthew Tyson, Managing Director at Richard Place Dobson (RPD), Crawley based Chartered Accountants and Business Advisors has put together his budget predictions for 2021-2022.
The budget is set for the 3rd of March and given the current economic and social backdrop, for the speculators amongst you, Matthew has put together his personal predictions:
All Income Tax rates and bands will be frozen for 12 months
from April 2022, Corporation Tax could rise to 20%
Pension tax relief cap to be reduced from £40,000 to £30,000
Capital Gains Tax Entrepreneurs Relief to be maintained at £1m lifetime allowance
Capital Gains Tax main rates to increase from 10% and 20% to 20% and 40%, to align more with Income Tax
VAT – Some form of temporary relief to the hospitality sector for twelve months
VAT rates and thresholds to be otherwise frozen
Fuel and alcohol duties to be frozen
Matthew Tyson, Managing Director at RPD, said: “So ‘freezing’ is much the order of the day I predict for the year ahead – coinciding with the temperature!”.
If you would like to discuss any of Richard Place Dobson’s services, please visit their website: http://www.placedobson.co.uk/.