NATIONAL INSURANCE CONTRIBUTIONS 2023/24 Class 1 Employee – Primary Employer – Secondary NICs rate 12% 13.8% No NICs for employees generally on the first £242 pw £175 pw No NICs for younger employees1 on the first £242 pw £967 […]
Author: Emily Wilson
Spring Statement 2023: Value Added Tax
VALUE ADDED TAX Registration and deregistration The VAT registration and deregistration thresholds will stay at their current levels of £85,000 and £83,000, respectively, until 31 March 2026, as announced in the Autumn Statement. THINK AHEAD Make sure you submit your […]
Spring Statement 2023: Business Taxes
BUSINESS TAXES Corporation tax rates Corporation tax is charged at 25% (main rate) and 19% (small profits rate) for financial years 2023 and 2024. The Patent Box deduction formula will be amended to ensure the correct amount of relief is […]
Spring Statement 2023: Capital Taxes
Capital gains tax (CGT) annual exempt amount The CGT annual exempt amount for individuals and personal representatives will be cut to £6,000 for 2023/24. The annual exempt amount for most trusts will likewise fall to £3,000 (minimum £600), as previously […]
Spring Budget 2023: personal taxation
PERSONAL TAXATION INCOME TAX 1 Personal allowance reduced by £1 for every £2 of adjusted net income over £100,000.2 Reduced by £1 for every £2 of adjusted net income over £34,600 (£31,400 for 2022/23), until the minimum is reached. 3 […]
Personal Tax Year Ending – Take These Actions Now
The end of the tax year is just around the corner, so it’s time to get your tax matters in order. Set aside a few moments now to review your finances before the end of the tax year to optimise […]
Profit withdrawal changes for 2023/24
From 1 April 2023, the current 19% rate of corporation tax will only be available for the first £50,000 of profits.
New energy bill support scheme for businesses
A new business energy support scheme is set to run from 1 April 2023 to 31 March 2024 but will be less generous than the scheme currently in effect.
Tax warnings for online sellers, influencers and content creators
HMRC’s latest wave of ‘nudge letters’ has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough tax.
21st century Revenue – HMRC’s app and new texting service
HMRC’s app was launched a year ago and is gaining in popularity as it is being used to pay self-assessment tax bills.
more time to pay CGT bill for transferring assets following separation and divorce
Couples in the process of separating may find themselves facing a costly capital gains tax (CGT) bill if they miss the tight deadline for transferring assets as part of their divorce settlement. From 6 April 2023, separating couples will be […]
Scotland needs a new tax system and higher tax revenue
This was the conclusion reached in a paper published by Reform Scotland at the end of June 2022 and written by Heather McCauley, a former senior civil servant who has worked for the UK, Scottish and New Zealand Governments. We […]
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