Employers will be relieved that there are no more changes to NIC rates and bandings or therefore consequential payroll software changes! Like the main income tax bandings, NIC thresholds are now also frozen until 5 April 2028. This means that employers’ NIC will continue to apply at 13.8% to earnings in excess of £9,100 a year […]
The income level at which point the ‘additional’ 45% rate of income tax starts to apply will be reduced from £150,000 to £125,140* from 6 April 2023. The new £125,140 threshold ties in with the £12,570 personal allowance being gradually withdrawn for those with income in excess of £100,000. For these individuals, once their income […]
It had already been announced that the income tax personal allowance (£12,570) and higher (40%) rate threshold (£50,270*) would be frozen until 5 April 2026, instead of increasing each year in line with inflation. The Chancellor has now announced that these freezes will continue until 5 April 2028. As earnings increase, this will result in more […]
It is likely that businesses will continue to face challenging times over the next few years. The Government’s Autumn Statement will be announced on 17 November, and we will know more about any proposed spending plans and taxation policies then. What can businesses do to ensure that they succeed in this uncertain economic environment? The […]
In the light of a recent article in The Times, the HMRC Press Office issued the following tweet: “By acting quickly to pause payments and implement additional checks on claims we have protected £46 million of public money. We have also arrested 8 people suspected of conspiring to submit over 100 fraudulent R&D claims” The […]
HMRC is reminding their Self-Assessment taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be declared on tax returns for […]
Date What’s Due 1/11/22 Corporation tax for year to 31/01/2022 unless quarterly instalments apply 19/11/22 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/22 (due 22/11 if you pay electronically) 1/12/22 Corporation tax for year to 28/02/2022 unless quarterly instalments apply 19/12/22 PAYE & NIC deductions, and CIS return and tax, […]
The Government will continue to support business capital investment by keeping the level of the 100% Annual Investment Allowance (AIA) at £1 million. This deduction is available to unincorporated businesses as well as limited companies if they invest in new or second-hand equipment. We are, however, expecting the temporary 130% ‘super-deduction’ for company expenditure on […]
One of of Liz Truss’ flagship policies was to halt the planned rise in corporation tax rates from 1 April 2023. However these increases will now go ahead. From 1 April 2023, corporation tax will increase to 25% where a company’s profits exceed £250,000 a year. The current 19% rate will however continue to apply […]
On 23 September 2022, it was announced that the Stamp Duty Land Tax (SDLT) nil-rate threshold on residential property would be increased from £125,000 to £250,000. Like the abolition of the 1.25 percentage point increase in NICs, the legislation to enact the SDLT change was already in progress when the U-turns were being made. As […]
