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Recent Posts
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Chancellor Kwasi Kwarteng announces his ‘mini-budget’ with major tax cuts
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Key points of October 2021 Budget from the Chancellor’s Autumn Budget and Spending Review
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Self-Employment Income Support Scheme (SEISS) fourth grant – Applications must be made by 1 June
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New Stamp Duty rates for non-UK residents
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Highlights of 2021 Spring Budget announced by Chancellor of the Exchequer Rishi Sunak
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Make a Time to Pay arrangement or pay tax by 1st April to avoid Self Assessment Late Payment Penalties
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New rules for business travellers, cash declarations and on social security following UK’s exit from Europe.
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No late filing penalty for Self Assessment 2019-20 tax return filed until 28th February.
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Are you affected by coronavirus ‘reasonable excuses’ to meet Self Assessment deadline 31 Jan?
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New lockdown grants to support retail, hospitality and leisure businesses worth up to £9,000 per property
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CJRS (Furlough scheme) has been extended to end of April 2021
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NHS & Healthcare workers tax refunds – Claim tax relief for your job expenses now.
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Self-Employment Income Support Scheme (SEISS) third grant up to £7500: Applications now open
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Spending Review 2020 – National Living Wage will increase & NHS Doctors and nurses will get a pay rise.
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We have summarised some of the key announcement which includes the IR35 rules introduced in 2017 and 2021 will be scrapped from next year;
Income tax
The top rate of income tax will be abolished. The additional 45% rate is currently charged on income above £150,000 and was introduced in 2013 after the 50% rate introduced in 2010 was cut. The basic rate of 20% will be cut to 19%. Both tax cuts will be implemented from April 2023.
National insurance
The increase in National Insurance and the planned Health and Social Care Levy will be scrapped from November 2022. This move had been announced yesterday, but was reiterated today.
Corporation tax
It had been planned that from April 2023 corporation tax would be 25%. To help protect small businesses a £50,000 small profits rate would be introduced, set at the current rate of 19%. Once a company’s profits started to rise above £50,000 a taper would apply, so that only businesses with profits above £250,000 will have to pay the 25% rate. This will now be scrapped, with no change in the existing Corporation Tax structure.
Stamp duty
No stamp duty will be charged on the first £250,000 of a property purchase. First-time buyers will enjoy a higher allowance of £425,000.
VAT
VAT-free shopping will be introduced for tourists.
Excises duties
Planned increased in alcohol duties to be scrapped.
Low tax investment zones
The Government has aspirations to create nearly 40 such zone which will give businesses tax cuts for 10 years. This will include 100% tax relief on qualifying investments in plant and machinery, on purchases of land and buildings for commercial or new residential developments.
No stamp duty will be charged on newly occupied business premises. Businesses will be exempt from business rates. Employers will pay no National Insurance on new employees on salary payments up to £50k.
You can find a more comprehensive list on the Treasury’s website here
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Tags: Bank of England., Corporation Tax, Excise Duty, Income Tax, Low Tax Investment Zones, Mini Budget 2022, National Insurance, Stamp Duty, Tax Simplification, VAT
Categories: Budget, IR35, Money & Taxes, Tax Relief, Taxation
Categories: Budget, IR35, Money & Taxes, Tax Relief, Taxation
