After last night’s England win, we are sure this might be still on your mind, especially ahead of the Saturdays Quarter Finals!  However, as we come to the end of June and approach the second half of 2021, there are many changes which are coming into effect from tomorrow which we need to make you aware of. Including Stamp Duty Land Tax, CJRS changes and important information in regards’ to deferred VAT.

 

  • Stamp Duty Land Tax: Currently the zero SDLT threshold is £500,000; as of 1 July 2021 this will decrease from £500,000 to £250,000.The rates from 1 July 2021 are as follows:
    Up to £250,000                 Zero
    The next £675,000              5%
    The next £575,000            10%
    The remaining amount   12%
  • Coronavirus Job Retention Scheme (CJRS): Currently employers can claim up to 80% of their employees unworked hours through the furlough scheme, up to a maximum of £2,500.From 1 July 2021 only 70% of an employees unworked hours can be claimed through the furlough scheme, up to a maximum of £2,187.50.

 

  • Deferred VAT between 20 March 2020 – 30 June 2020. If you have not set up an arrangement with HMRC, you may be charged a 5% penalty or interest if you do not pay in full or make an arrangement to pay by midnight on 30 June 2021.

If you need any further information on any of the topics, including processing your wages for the Coronavirus Job Retention Scheme amendments, please contact our payroll department payroll@ssmithaccountants.co.uk.