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National Insurance & Income Tax Reductions

Basic Rate of Income Tax

As part of the Spring Statement in March 2022 it had initially been announced that the basic rate of income tax would be reduced from 20% to 19% from 6 April 2024.  However, on 23 September 2022 the Government have now brought forward this reduction by one year. 

As a result, the reduced rate of 19% basic rate income tax will now apply from 6 April 2023.

The Fiscal Statement and Financial Planning

From a financial planning and advice perspective, the major significance of the “mini-budget” is less about what was announced and more about what wasn’t and remains the same. Take-home pay is set to increase for many with the announcement that the additional levy on National Insurance is to be cancelled from 6^th November and the top rate 45% income tax was due to be removed from 6^th April 2023 but was instead scrapped due to political and social pressure. 

Changes to Corporate and Business Taxes

From a corporate and business tax perspective, the so-called “mini” budget arguably made more significant announcements than a proper “full-fat” budget.  Certainly, the changes that will be made to the tax system came thick and fast, no doubt helped by the lack of talk around how the tax changes will actually be funded.

How to ensure your assets go to the right people and save potential inheritance tax

The majority of us are guilty of procrastinating. More often than not, when faced with dealing with something we don’t want to do, or we find difficult to talk about.

Could now be the time to cease trading and extract funds from your business?

Many owners are having sleepless nights worrying that all the funds that have been earned in the past may be lost in this period of high inflation and huge energy costs.

If my employer becomes insolvent how will this affect me as an employee?

We are living in very uncertain times. Probably the biggest current threat to companies is the increase in energy charges. Even with newly announced government support, it is difficult to see how many businesses will survive if their energy bill increases significantly and insufficient further government support is given. As an employee how will this impact you?

Get to know the National Minimum Wage – the pitfalls and the penalties

This week our payroll team celebrated National Payroll Week and we thought it would be a perfect opportunity to clarify some of the specifics around the National Minimum Wage.

With more power, comes more responsibility - the new fining powers of the SRA

Towards the end of 2021 and into the start of 2022, the Solicitors Regulatory Authority (SRA) held a consultation on proposals to increase their fining powers. 

September mileage rates – more increases but don’t forget the VAT

The latest HMRC advisory fuel rates for company cars have been published this week. The rates take effect from 1 September but the old rates can be used for another month to help with the administration of mileage claims and reimbursements.

Can pensions be a tax-efficient way of passing on your wealth?

Pension legislation dramatically changed back in 2015. Gone are the days where your pension savings automatically die with you or your spouse/civil partner.