Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010. Below we summarise some of the key points. Employer National Insurance - Increased to 15% from April 2025 and the threshold for employer NI contributions will be reduced from £9,100 to £5,000....
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Budge Summary 6 March 2024
Today Chancellor, Jeremy Hunt unveiled the Spring Budget. Below we summarise some of the key points.Income Tax and National Insurance The Chancellor announced from 6 April 2024 a further 2p cut to National Insurance (this tax will now stand at 8%). Self employed...
Autumn Statement 22 November 2023
Today the Chancellor, Jeremy Hunt, delivered his Autumn Statement. Below we have summarised some of the key points.National Insurance Employee National Insurance to be cut by 2% to 10%, with this to take effect from the 6 January 2024. Class two national insurance to...
Budget Summary 15 March 2023
Today Chancellor Jeremy Hunt unveiled his 'Back to Work' March Budget. Below we summarise some of the key points. Corporation TaxAs previously announced, increases to Corporation Tax to go ahead as planned from April 2023. The headline rate will increase to 25% on...
MTD for Income Tax Self-Assessment (ITSA) delayed
Today (19 December 2022) the Treasury announced a two year delay until April 2026 for mandatory MTD ITSA, for businesses, self employed individuals and landlords. In addition, the minimum income reporting level increasd to £50,000 from April 2026 and those earning...
Autumn Budget Statement – 17 November 2022
Chancellor Jeremy Hunt today announced a series of new measures designed to reduce the Government's deficit, tackle inflation and restore confidence in the UK's economy. Income Tax, National Insurance and IHTThe point at which the 45% rate of income tax applies will...
Major reversal of previously announced tax measures
The government will reverse most of the tax measures previosuly announced in the budget of 23 September 2022. Income tax - Basic rate to remain at 20% indefinitely and now will not be reduced. The proposed reduction of the additional 45% rate on income over £150,000...
Budget summary 23 September 2022
The Chancellor has today delivered his 'mini-budget'. Without the forecasts and economic analysis that normally accompanies a budget, Chancellor Kwasi Kwarteng set out some very big changes. Below we have summarised some of the key announcements.Income taxThe top...
Spring Statement Summary
Today the Chancellor made his Spring Statement to the House of Commons. Below is a summary of some key annoucements.Economic Updates Inflation now at 6.2%, mainly due to increases in the price of fuel and food. This rate is lower than that in the US, but inflation is...
Budget – October 2021
Summary of the key points from the Chancellor's Autumn Budget 2021 Business Rates From 2023 there will be more frequent revaluations. These will now take place every three years. Investment relief will be introduced to encourage business to make green improvements,...
MTD for Income Tax Self Assessment – delayed until April 2024
Towards the end of September, in a written statement by the incoming Financial Secretary to the Treasury Lucy Frazer, it was announced that The Government’s Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) programme will once again be delayed. The...
Autumn Budget 2018 – Key Points
Philip Hammond delivered his 2018 Autumn Budget on 29 October 2018. INCOME TAX: RATES AND ALLOWANCESThe personal allowance will be increased to £12,500 and the basic rate band to £50,000 in 2019-20, a year ahead of schedule.OTHER RATES AND ALLOWANCESThe...
Autumn Budget 2017 – Key Points
Philip Hammond delivered his 2017 Autumn Budget on 22 November 2017. INCOME TAX: RATES AND ALLOWANCESThe personal allowance will be increased to £11,850 and the basic rate band to £46,350 in 2018-19. The Government has confirmed its commitment to increase...
Spring Budget 2017 – Key Points
Philip Hammond delivered his 2017 Spring Budget on 8 March 2017. There will be a second Budget later in the year followed by annual winter Budgets. In addition, the Spring Budget will be replaced by a Spring Statement, starting in 2018Income tax: Rates and...
Autumn Statement 2016 – Key Points
Philip Hammond delivered his 2016 Autumn Statement on 23 November 2016 and announced it will be the last of its kind. There will be a Spring Budget in 2017 followed by a second Budget later in the year followed by annual winter Budgets. In addition, the Spring...
Budget Summary – March 2016
Key points from the Chancellor's budget Personal TaxThe personal allowance will increase from £11,000 (2016-2017) to £11,500 from 6 April 2017. The higher rate threshold is to increase from £43,00 (2016-2017) to £45,000 from 6 April 2017.Property and trading...
Summer Budget – 8 July 2015
Key points from the Chancellor's summer budget Personal TaxThe personal allowance will increase from £10,600 (2015-2016) to £11,000 from 6 April 2016. This is line with the Government's plans to increase the personal allowance to £12,500 by 2020.The higher rate...
Xero – Online Accounting Software
I recently became part of the partner program with 'Xero' and after completing the training, am now a Certified Advisor.I can offer Xero as part of any bookkeeping and accounting service. Please contact me for more details. ...
Budget / Finance Bill 2015
The main announcement that was designed to grab the headlines was “the abolition of the annual tax return”. In reality, it appears that this proposal will be an online return pre-populated by HMRC with information it already holds, such as employment earnings,...
Autumn Statement 2014 – Key Points
Chancellor George Osborne delivered his Autumn Statement on 3 December 2014. Please see below some key points.State of economy3% growth forecast in 2014, up from 2.7% predicted in MarchInflation predicted to be 1.5% in 2014, falling to 1.2% in 2015Unemployment...
VAT – supplying digital services to EU
UK businesses that provide digital services to private individuals within the EU will have to deal with a major change in VAT rules from 1 January 2015.The current VAT rules allow businesses supplying these services to private individuals within the EU to...
Budget March 2014
The Chancellor has delivered the Government’s Budget for the coming year. Please find below a summary of the main points and tax rates for 2014/2015 Direct Recovery of Tax DebtsMeasures will be included in Finance Act 2015 to empower HMRC to recover tax debts of...
RTI late filing and late payment penalties
Real Time Information (RTI) late filing and late payment penalties from April 2014RTI has now been in operation for the majority of employers since April 2013. RTI requires employers operating PAYE to report information on employees’ pay and deductions in ‘real...
National Minimum Wage
The National Minimum Wage is changing from 1 October 2013. The National Minimum Wage rate per hour depends on your age and whether you’re an apprentice - you must be at least school leaving age to get it.New (hourly) rates from 1 October 201321 and over -...
Budget Summary – March 2013
The Chancellor has delivered the Government’s Budget for the coming year. Please find below a summary of the main points and tax rates for 2013/2014Income Tax and National InsuranceThe Personal allowance will rise to £10,000 from 6 April 2014, a year earlier...
PAYE changes (RTI)
PAYE changes (RTI) - Are you ready to operate your PAYE in real time (RTI)?PAYE is changing. Employers will have to start reporting PAYE information to HMRC in real time, often referred to as Real Time information (RTI).The majority of employers will...
Changes to child benefit
Changes to child benefit - 7 January 2013The government has decided to withdraw child benefit from high-income households. The new High Income Child Benefit Charge (HICBC) starts from 7 January 2013. Child benefit payments will not be stopped. Instead there will be a...
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