Offering a practical overview of income tax in the UK from one of the UK's leading tax writers, Income Tax 2020/21 covers day-to-day issues frequently encountered by tax practitioners, explaining in straightforward terms what the law means in practice.
This new edition has been updated throughout for 2020/21 income tax rates and allowances, and includes the following:
- Commentary on the Making Tax Digital (MTD) project updated confirming that Government will not be mandating MTD for any new taxes or businesses until at least 2021, but flagging up what taxpayers can do to get ready for MTD for income tax
- Details of tax payment deferral options due to coronavirus (Covid-19)
- Commentary on new pensions annual allowance rules applicable from 2020/21
- Commentary on the Covid-19 Self-Employment Income Support Scheme (SEISS) added
- Updated commentary on changes to structures and buildings capital allowances (SBAs) from 6 April 2020
- Details of Budget 2020 announcements on CO2 emissions thresholds for determining capital allowances, applicable from April 2021
- Updated commentary on enhanced capital allowances (ECAs) in designated enterprise zones
- New commentary on HMRC Trust Register Scheme (TRS) obligations
This accessible reference guide has a user-friendly structure with 'signposts' at the beginning of each chapter to summarise key topics and 'focus points' throughout to highlight important issues, as well as numerous worked examples to demonstrate how to apply the main principles in practice.