Category: All News

Spring Statement 2023: NI Contributions

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 […]

Spring Statement 2023: Tax Administration

Charitable reliefs UK charity tax reliefs and exemptions will be restricted to UK charities and community amateur sports clubs (CASCs). The change is effective from 15 March 2023 and affects income tax, CGT, corporation tax, IHT, stamp duty, SDLT, SDRT, […]

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 Statement 2023: Pensions, Savings & Investments

Lifetime allowance (LTA) The Chancellor announced the abolition of the LTA. The 55% and 25% LTA charge tax rates that apply when an individual exceeds the LTA for pension savings will be reduced to nil from 6 April 2023. Consequently, […]

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 […]

Spring Statement 2023 Introduction

The first Budget since October 2021 was widely expected to be an uneventful affair. Five months ago, the then new Chancellor, Jeremy Hunt, presented an Autumn Statement that was more of a Budget than many formal Budgets. Not only did […]

Spring Statement Summary

Most of the announcements made by UK Chancellor Jeremy Hunt will have a significant impact on our personal finances. The energy price guarantee will continue until July, the fuel duty rise has been cancelled and the lifetime allowance for pensions […]

New points-based penalties for late VAT returns

A new points-based penalty applies to late VAT returns for VAT periods beginning on or after 1 January 2023. The first monthly return to be affected was the one due by 7 March, with the first affected quarterly return due […]

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