Autumn Budget 2025 – Key Measures for Individuals and Businesses The Chancellor’s Autumn Budget 2025 has introduced a wide range of measures that will affect both personal taxpayers and the business community. Below we outline the main announcements most relevant to our clients. Personal Tax Changes Income Tax and National Insurance Personal allowance (£12,570) and…
The 2025/26 UK tax year began on April 6, 2025. Many changes from the previous Autumn Budget are now in effect, with further significant shifts anticipated in the Autumn 2025 budget. Tax Changes Effective in the 2025/26 Tax Year (from April 6, 2025) Income Tax: The Personal Allowance remains frozen at £12,570 until April 2028.…
Key Points of Spring Budget 2024 Below is a summary of some of the key points announced recently. Personal Tax National Insurance The main rate of Class 1 employee National Insurance Contributions (NIC) will be reduced from 10% to 8%, effective from 6th April 2024. A further cut of 2p to the…
Spring Budget 2023 HMRC have released some notes on the announcements made at the recent Budget. Some of the key points are summarised below: Business Tax Capital allowances – full expensing: the government is introducing full expensing. Companies incurring qualifying expenditure on the provision of new plant and machinery on or after 1 April 2023 but…
Increases to the National Living Wage (NLW) and National Minimum Wage (NMW) The Government has announced the rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2023. Further details can be found at GOV.UK. HMRC are providing live webinars that are taking place throughout March, where…
Gaps in National Insurance record and State Pension Entitlement Those clients looking to take their state pensions in the foreseeable future should consider whether it is worth making additional contributions to fill any gaps in their contribution history. Check your record of contributions using the following HMRC checklist. Check your National Insurance record – GOV.UK…