Content accurate as of 22 November 2023 On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Headlines included National Insurance Contribution (NIC) cuts for workers and the self-employed and the ‘biggest permanent tax cut in modern British history for businesses’. Some other anticipated measures appear to be on hold ahead of
National Insurance (NI) contributions are payments made by employed and self-employed individuals based on their earnings. These contributions, along with NI credits, form a person’s NI history, which affects their entitlement to the state pension and other benefits. Why should you top up your national insurance contributions? To receive the maximum ‘new state pension,’ which
Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more. Data from HMRC has revealed that inheritance tax collected between April 2022 and February 2023 totalled £6.4bn, which
Content accurate as of 13.03.2023 Following the Chancellor’s Spring Statement, the big tax change increasing Corporation Tax was already expected but hoped to be repealed. Unfortunately, it was not and will come into effect from 1st April 2023. What are the tax changes? From 6 April 2023 the tax rates that will apply to dividends
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2022/23 tax year (currently £20,000 each). You might
For VAT periods starting on or after 01 January 2023 (This will only apply if you submit your returns late or pay late) At a glance You will receive points if a return is late or a payment is late. This means if both are late the points will be doubled. The penalty for late
Content accurate as of 18.11.22 The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the pitch” this time with several
A fiscal U-turn without precedent! Content accurate as of 17th October 2022 Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. What changes have there been made to the mini
On 23 September 2022, Kwasi Kwarteng, the new Chancellor delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost economic growth. This was in line with promises made by the new Prime Minister Liz Truss when she was campaigning to be elected as the new leader of the Conservative Party. The headline announcements were:
Following the Chancellor’s Spring Statement last week, the two big tax changes funding Covid recovery were already known, with the introduction of the Health and Social Care Levy and the Corporation Tax changes coming in from April 2023. What are the tax changes? Health and Social Care Levy – a 1.25% rise in Employers’ and
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