In the tax year 2021/2022, the tax-free amount increases. It is currently at £ 12,500 and will be £ 12,570 from April 2021. It will also be frozen until 2026. So are the tax thresholds.
We will pay a higher tax after exceeding the amount of £ 50,270 and will be so until 2026.
Income tax rates and VAT rates remain unchanged.
IMPORTANT!
The Chancellor announced an increase from 19% to 25% Corporation Tax from April 2023. This will apply to all companies whose profits exceed £ 50,000 per year.
For businesses that do not reach this amount, the tax will still be 19%