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Personal Tax: The Spring Budget 2022.
On the 23rd of March 2022, Chancellor Sunak announced the tax rates and bands for the next tax year (2022/23). These include an income tax cut by 1p for most taxpayers. However, this will not be taking place until 2024. The following sections highlight the Personal...
Scammers targeting Self Assessment customers, HMRC warns
HMRC is warning customers to keep their eyes peeled as scammers are targeting Self Assessment customers to try and steal money or personal information. Within the last year, HMRC reported more than 570,000 scams. During this time of year, Self Assessment customers...
Salary exchange from April 2022
From April, national insurance payments will increase as part of the government's plan to aid the economy post-Covid 19. The Salary exchange (Or salary sacrifice) scheme is an agreement to reduce an employee's entitlement to cash pay in return for a non-cash benefit....
Government backs innovative businesses with a new £150 million loan scheme
The loans programme will broaden the financial support available to companies, ensuring they can access funding at all stages of innovation. Some of the UK's innovative companies will benefit from a new scheme that offers up to £150 million to support the business's...
82% of small businesses are unaware of MTD for VAT.
From April 2022, all VAT registered businesses must sign up, whatever they earn. Before the government brought in this extension, only companies whose turnover was more than £85,000 had to sign up for MTD. With less than a month left until the extension of MTD for...
Year-end tax planning
The end of the tax year is approaching fast, firms and accountants are advised to consider if there are any actions to be done before the end of the year to optimise their tax position. Many tax reliefs and allowances are available, creating the financial future you...
Budget and Spending Review – October 2021: What you need to know
Measures announced by Chancellor Rishi Sunak in the Budget and Spending Review. 1. Strong and innovative public services: The new Health and Social Care Levy, along with an increase to the rates of dividend tax, will raise around £13 billion per year for spending on...
£126m to create more training opportunities and placements for young people.
Guidance for prospective trainees, employers and training providers on traineeships. The Government are increasing the number of traineeships by investing over £126m to create more training opportunities and placements for young people. A traineeship is a skills...
£500 million Plan for Jobs Expansion
Hundreds of thousands of people to be supported as part of the more than £500 million expansion of the government's Plan for Jobs. Over £500 million to support hundreds of thousands of people into jobs announced today (Monday) Workers leaving the furlough scheme and...
National Insurance and dividend tax rises announced for social care reform
Record £36 billion investment to reform NHS and Social Care Prime Minister pledges to tackle NHS Covid backlogs and cut waiting times with new £36 billion investment for health and social care Responsible, fair, and necessary action taken to provide biggest catch-up...
