Mini Budget – September 2022 The government’s plans for growth Chancellor reveals his plan for growth Budget menu items :- National Insurance contributions Income tax Business Stamp Duty Land Tax Other comments Government announces plans to help cut energy bills for businesses Energy Price Guarantee plan caps household bills New plan for patients aims to ... Read More
Spring Statement 2022 – Introduction Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses. The ... Read More
Spring Budget 2022 – Highlights Increase in the National Insurance threshold and Lower Profit Limit Chancellor Rishi Sunak announced an increase in the annual National Insurance Primary Threshold and the Lower Profits Limit in his 2022 Spring Statement. Primary Class 1 contributions are paid by employees. To align the starting thresholds for income tax and National ... Read More
Spring Budget 2022 – Personal Tax The UK personal allowance, tax rates and bands for the tax year 2022/23 were announced by the Chancellor in the October 2021 Budget. The personal allowance The personal allowance is currently £12,570 and will be frozen at £12,570 for the tax years to 2025/26. There is a reduction in ... Read More
Spring Budget 2022 – Business Tax Making Tax Digital for Business: VAT April 2022 sees the final phase of the introduction of the Making Tax Digital (MTD) for VAT regime. All VAT registered businesses, regardless of turnover, will enter MTD for VAT from their first VAT return period starting on or after1 April 2022. Businesses ... Read More
Spring Budget 2022 – Employment Taxes Employer provided cars The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car are normally announced well in advance. Most cars are taxed by reference to bands of CO2 emissions multiplied by the original list price of the vehicle. ... Read More
Spring Budget 2022 Capital Taxes Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on residential properties with the exception of any element that ... Read More
Spring Budget 2022 – Other Matters VAT rates and limits The VAT registration and deregistration thresholds will remain unchanged for a period of two years from 1 April 2022. The six-month extension to the UK-wide VAT reduction to 12.5% for the tourism and hospitality sectors comes to an end on 30 March 2022 with rates returning ... Read More
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Autumn Budget 2021 – Introductions Main Budget proposals Tax measures include: a new temporary business rates relief in England for eligible retail, hospitality ... Read More
Autumn Budget 2021 – Business Making Tax Digital for income tax The Making Tax Digital (MTD) regime is based on businesses being required to maintain their accounting records in a specified digital format and submit extracts from those records regularly to HMRC. It had been expected that sole trader businesses and landlords with business income ... Read More
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