Undoing all measures announced since 23 September 2022, the rates of income tax applicable to non-dividend income remain as they are now; namely a 20% basic rate, a 40% higher rate and a 45% additional rate (for those with income over £150,000). For dividends, although the associated 1.25 percentage point supplement on NICs is being […]
The corporation tax rate increases and the continuance of the higher income tax rates on dividends will impact on the profit extraction strategies adopted by director/shareholders in 2023/24. Again, this may be affected by the Autumn Statement on 17 November 2022 but please do contact us to discuss how the changes affect you.
The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023. These rules were introduced for public sector employers from 6 April 2017 and then extended to large and medium-sized private-sector organisations from 6 April 2021. It has now been announced that the OPW […]
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 […]
The Government will continue to support the Seed Enterprise Investment Scheme (SEIS), although we still await further detail. In the original 23 September 2022 statement, it was announced that qualifying start-up companies would be allowed to raise £250,000 under the scheme, an increase over the current £150,000 limit. SEIS currently provides unconnected investors with an […]
It should be noted that there has also been a U-turn on the original 2-year cap on domestic gas and electricity tariffs. Instead, the cap will now only apply to April 2023.
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, […]
Surrey accountancy firm TWP is calling on businesses that pay Corporation Tax to prepare for a rise in this tax on profits next year following the latest shift in the Government’s fiscal policy. Although original plans to increase the top rate of Corporation Tax to 25 per cent were initially shelved in September’s mini-Budget, they […]
Rapidly rising inflation has been pushing up the Bank of England’s (BoE) base rate at a historic pace in the last few months. The rate, set by the Bank’s Monetary Policy Committee (MPC), rose by 0.5 per cent in both August and September and currently sits at 2.25 per cent (at the time of writing). […]
During the mini-Budget, the former Chancellor, Kwasi Kwarteng, plans to “accelerate” reforms to the pensions charge cap. This move, he said, would help to “unlock pension investments” into UK assets and high-growth businesses. Under these new pension measures, the Government has brought forward plans that exclude performance fees from the 0.75 per cent charge cap on […]
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