Surrey-based accountancy firm TWP says the decision to freeze and reduce personal tax reliefs, thresholds and allowances in the Autumn Statement will have a significant impact on many taxpayers. Faced with the challenge of inflation, rising energy costs and higher interest rates, as well as an economy weakened in recent months by world events and […]
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and spending cuts.
The super-deduction is a temporary capital allowance that allows companies to invest in new qualifying plant and machinery but is perhaps more generous than any other scheme that has come before. Available since 1 April 2021, the super-deduction and associated first-year allowance, is an excellent incentive for investment, but companies need to act quickly to […]
In his Fiscal Statement delivered on 23 September 2022, the previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss in her Conservative Party leader campaign. However, the tax cuts were broader than expected and were being funded by increased borrowing. Furthermore, the plan was not accompanied by a […]
The legislation to abolish the 1.25 percentage point increase in the rate of National Insurance Contributions (NICs) paid by workers, employers and the self-employed was already in progress when the U-turns were being made. The reduction therefore continues to go ahead and the rate of NICs on salary payments made on or after 6 November […]
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 […]
Another of Liz Truss’ flagship policies was to halt the planned rise in corporation tax rates from 1 April 2023. 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 where profits […]
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 […]
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