Caring for you & your business
Our practice is based on the belief that our clients’ needs are of the utmost importance. Our small team is committed to meeting those needs. As a result, a high percentage of our business is from client referrals.
We would welcome the opportunity to earn your trust and deliver you the best service. If you would like to find out how we can assist you & your business, please contact either Nicola, Aimee or Paul.
Our practice is licensed with The Institute of Certified Bookkeepers. Nicola trained and worked for a Chartered Certified Accountant for 17 years before opening this practice in 2006. Since then the Practice has grown to include Aimee who is MAAT qualified & Paul as our Administrator.
Beck Cottage
30 The Street
Upper Sheringham
Norfolk
NR26 8AD
Tel: 01263 478675
Mob: 07786 164057
E-mail:
info@nlaccountancy.co.uk
Hours:
Mon – Fri: 09:00 – 17:00 Lunch 12:30 to 13:30
Sat: Closed
Sun: Closed
Covid information is on our facebook page
| Tax & NIC Thresholds | 2019/20 | 2020/21 |
| Tax Pers Allow | 12,500 | 12,500 |
| Starting rate for Savings | 5,000 | 5,000 |
| Current Income band 2020/21 | ||
| Up to 12,500 | 0% | 0% |
| 12,501 – 37,500 | 20% | 20% |
| 37,501-150,000 | 40% | 40% |
| 150,000+ | 45% | 45% |
| Dividend allowance | 2,000 | 2,000 |
| Basic/standard taxpayer | 7.50% | 7.50% |
| Higher rate taxpayer | 32.50% | 32.50% |
| NIC | 2019/20 | 2020/21 | |
| Class 1 | Lower earnings limit | 6,136 | 6,240 |
| Class 1 | Primary threshold | 8,632 | 9,500 |
| Class 1 | Secondary threshold | 8,632 | 8,788 |
| Class 1 | Upper secondary threshold (under 21) | 50,000 | 50,000 |
| Class 1 | Apprentice upper secondary threshold (under 25) | 50,000 | 50,000 |
| Class 1 | Upper earnings limit | 50,000 | 50,000 |
| Class 2 | Lower income threshold | 6,365 | 6,475 |
| Class 2 | Per annum | 156.00 | 158.60 |
| Class 4 | Lower limit | 8,632 | 9,500 |
| Class 1A | 13.80% | 13.80% | |
| Capital Gains | |||
| Annual allowance | 12,000 | 12,300 | |
| Rates on residential property | Basic rate taxpayer | 18% | 18% |
| Rates on residential property | Higher rate taxpayer | 28% | 28% |
| Rates on other gains | Basic rate taxpayer | 10% | 10% |
| Rates on other gains | Higher rate taxpayer | 20% | 20% |
From 6 April 2020, where CGT is due on the disposal of UK residential property by a UK resident individual or trustees, a new standalone online return will need to be filed, together with payment on account of CGT, within 30 days of the date of completion of the transaction. (Finance Act 2019 Schedule 2).
| Corporation tax profits | 2019/20 | 2020/21 |
| £0-£300,000 | 19% | 19% |
| £300,000 + | 19% | 19% |
| Other Thresholds | ||
| Value added tax | ||
| Registration limit | 85,000 | 85,000 |
| De-registration limit | 83,000 | 83,000 |
| Student loan & postgraduate loan recovery | ||
| Employee earnings threshold for student loan plan 1 per annum | 18,330 | 19,390 |
| Employee earnings threshold for student loan plan 2 per annum | 25,000 | 26,575 |
| Student loan deductions | 9% | 9% |
| Employee earnings threshold for postgraduate loan per annum | 21,000 | |
| Postgraduate loan deductions | 6% | |
| Minimum wage | ||
| From 1 April 2018 | ||
| Age 25+ | 8.21 | 8.72 |
| Age 21-24 | 7.70 | 8.20 |
| Age 18-20 | 6.15 | 6.45 |
| Age 16-17 | 4.35 | 4.55 |
| Apprentice | 3.90 | 4.15 |
| Employment Allowance | 3,000 | 4,000 |
| Statutory Maternity Pay – per week | 145.18 | 151.20 |
| Statutory Sick Pay – per week | 92.05 | 95.85 |
| Marriage Allowance – per annum | 1,250 | 1,250 |
Capital Allowances
From 2018/19 Annual Investments Allowance (AIA) limit is £1m from Jan 2019, but decreases to £200,000 from 1 January 2021.
| Capital allowances rates | 2019/20 | 2020/21 |
| AIA | 100% | 100% |
| Main pool | 18% | 18% |
| Special pool | 8% | 8% |
| Small pool write off, balance less than £1,000 | 100% | 100% |
| Structure & Buildings | 2% – straight line | 2% – straight line |
Beck Cottage
30 The Street
Upper Sheringham
Norfolk
NR26 8AD
Tel: 01263 478675
Mob: 07786 164057
E-mail:
info@nlaccountancy.co.uk
Hours:
Mon – Fri: 09:00 – 17:00 Lunch 12:30 to 13:30
Sat: Closed
Sun: Closed