Viewing posts in category 'Spring Statement'

16
Mar

Spring Budget 2023: Introduction

Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall.
Driving business investment The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include the Full Expensing
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Posted By Philip Woolfson
16
Mar

Spring Budget 2023: Personal Tax

The personal allowance The income tax personal allowance was already fixed at the current level until April 2026 and will now be maintained for an additional two years until April 2028 at £12,570. The government will update the married couple’s allowance and blind person’s allowance by inflation for 2023/24. There is a reduction in the personal allowance for those with ‘adjuste… Continue Reading
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Posted By Philip Woolfson
16
Mar

Spring Budget 2023: Employment

National Insurance Contributions (NICs) A similar principle to that outlined above for income tax thresholds will be followed in respect of many of the NICs thresholds, namely that they are frozen at the limits for the preceding year and will remain at those levels until 2028. Full details are laid out at the end of this publication. However, the government will uprate the Class 2 a… Continue Reading
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Posted By Philip Woolfson
16
Mar

Spring Budget 2023: Business

Corporation tax rates The expected increase in the rate of corporation tax for many companies from April 2023 to 25% will go ahead. This means that, from April 2023, the rate will increase to 25% for companies with profits over £250,000. The 19% rate will become a small profits rate payable by companies with profits of £50,000 or less. Companies with profits between £50,001 and £250… Continue Reading
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Posted By Philip Woolfson
16
Mar

Spring Budget 2023: Capital Taxes

Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains, mainly chargeable gains on residential properties, with the exception of any element that qualifies for Private Resid… Continue Reading
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Posted By Philip Woolfson
16
Mar

Spring Budget 2023: Other Matters

Back to work Major themes in the Budget were getting people to enter work, increase their working hours and extend their working lives. These include numerous proposals detailed below. Childcare Working parents in England will be able to access 30 hours of free childcare per week, for 38 weeks of the year, from when their child is nine-months old to when they start school. This will… Continue Reading
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Posted By Philip Woolfson
24
Mar

Budget Report 2022

Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses. The Chancellor will lift the starting thresholds for National Insurance contribu… Continue Reading
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Posted By Philip Woolfson
24
Mar

Budget Report 2022: Other Matters

VAT rates and limits

The VAT registration and deregistration thresholds will remain unchanged for a period of two years from 1 April 2022. The six-month extension to the UK-wide VAT reduction to 12.5% for the tourism and hospitality sectors comes to an end on 30 March 2022 with rates returning to the standard rate of 20%.

Vehicle Excise Duty (VED)

With effect from 1 April 2022 the ra… Continue Reading
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Posted By Philip Woolfson
24
Mar

Budget Report 2022: Personal Tax

The UK personal allowance, tax rates and bands for the tax year 2022/23 were announced by the Chancellor in the October 2021 Budget.

The personal allowance

The personal allowance is currently £12,570 and will be frozen at £12,570 for the tax years to 2025/26. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000. The reduction is £1 for ev… Continue Reading
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Posted By Philip Woolfson
24
Mar

Budget Report 2022: Employment Taxes

Employer provided cars

The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car are normally announced well in advance. Most cars are taxed by reference to bands of CO2 emissions multiplied by the original list price of the vehicle. The list price is reduced for capital contributions made by the employee up to £5,000. For fully d… Continue Reading
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Posted By Philip Woolfson