April 2021 A New Tax Year

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April 14th 2021
Tax Week 2
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April 2021 A New Tax Year

Last month's Budget revealed very few changes for personal taxes for the new 2021 tax year starting this Tuesday.

We enter the new 2021 tax year with lockdown easing across the UK and general freedoms being slowly opened up. It's a tentative start to a new financial year but business should start to move as we approach summer and the government's support schemes begin their wind-down phases.

The Budget last month made only slight changes to headline personal taxes, such as the tax-free personal allowance. A trend that will remain for the foreseeable future as all allowances and bands are to remain frozen at the announced levels to help the Treasury recoup pandemic spending and balance the books.

The main factors affecting most individual take home pay packets would be the personal allowance, which has only risen by £70 for the year, the higher rate threshold, which has only changed by £200, NIC thresholds (slight changes) and student loan cut-ins.

Of the above mentioned, the student loan thresholds have been altered by inflation along with the introduction of the plan 4 loans for student loans obtained in Scotland - these now have a £25,000 threshold.

We have updated all our calculators and tools, including tax apps for iOS and Android, to be ready for the new tax year from Tuesday April 6th, and you can select the 2021/2022 tax year right now for calculations.

You can see the full list of rates and allowances for 2021 in our tax rates section.

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