Autumn 2022 Budget Notes Below is a summary of some of the key points announced recently. Income Tax and National Insurance The current Income Tax and National Insurance thresholds are to be frozen at their current rates until April 2028. The additional rate Income Tax threshold, whereby income over £150,000 is currently taxed at 45%…
Preparing for the new tax year basis — Income Tax Self Assessment HMRC have provided the following notes regarding the change to the tax year basis: The rules HMRC uses to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for 2023 to 2024 onwards. This…
Mini Budget (September 2022) – Key Points Below is a summary of some of the key changes, announced by the Chancellor today. Corporation Tax The planned increase in Corporation Tax to 25%, due to take place in April next year, has been scrapped and will therefore remain at 19%. See here for further details.…
HMRC Delays For some time now, HMRC have been incredibly slow at dealing with most matters, in particular, responding to letters and appeals. The Times have published an article about this, which may be of interest. Do of course let us know if there are any matters outstanding that you are waiting to hear about…
Working from home: claiming tax relief from April 2022 HMRC have released the following notes regarding the above. Government instructions to work from home where possible, including the legal requirement to self-isolate if you or a close contact tested positive for coronavirus, meant that in tax years 2020 to 2021 and 2021 to 2022 millions…
Paying PAYE HMRC have produced some useful notes regarding how to pay PAYE and the correct references to use. Please click here for further details.