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…
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…
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…
Increase in Tax on Dividends The Government has announced a 1.25% increase in dividend tax rates from 1st April 2022. The rates will increase to 8.75% for basic rate taxpayers, 33.75% for higher rate taxpayers and 39.35% for additional rate taxpayers. The £2,000 tax-free dividend allowance will remain. The increase in dividend tax rates will…
National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022 In a move that breaks the Conservative’s manifesto pledge on raising taxes, the Prime Minister has confirmed that rates of national insurance are to be increased to pay for the impact of the Coronavirus pandemic on…