Spring Budget 2023 – Capital Taxes Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 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, ... Read More
Spring Budget 2023 – Other Matters Back to work Major themes in the Budget were getting people to enter work, increase their working hours and extend their working lives. These include numerous proposals detailed below. Childcare Working parents in England will be able to access 30 hours of free childcare per week, for 38 weeks ... Read More
The Autumn Statement 2022 On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, ... Read More
Reversal on Emergency Budget 2022 Chancellor brings forward further medium-term fiscal plan measures Budget menu items :- National Insurance contributions Income tax Business Stamp Duty Land Tax Land Transaction Tax Energy bills As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a ... Read More
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
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