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Autumn Statement Highlights

Posted: 28th Nov 2023 by Clair Watmore Taxation

Against a backdrop of reducing inflation and greater headroom for spending, the Chancellor announced several tax cuts and boosts to business in his ‘Autumn Statement for Growth’. Headlines Class 2 National Insurance contributions (NICs) will be abolished and the main rate of Class 4 NICs will reduce from 9% to 8% from 6 April 2024…. Read more

Tax Rates Cards 2023-24

Posted: 30th Mar 2023 by Clair Watmore Inheritance Tax, Pensions, Property, Taxation

Hunter Gee Holroyd have produced a Tax Card which summarises many of the rates and allowances fundamental to your business and personal lives. It’s a great point of reference throughout the coming tax year and contains lots of information on personal, business, employment, property and capital taxes, including any changes. Our guide contains information on… Read more

Budget 2023 – what does it mean for you?

Posted: 17th Mar 2023 by Clair Watmore Budget, Pensions, Taxation

Chancellor Jeremy Hunt unveiled the 2023 Budget on Wednesday. Although the word ‘unveiled’ may be a slight exaggeration. Not so long ago, the contents of each Budget were a closely guarded secret. Neither the press nor the public would know for sure what it would contain. Below is our summary of the most significant announcements… Read more

Pay tax before 3 March to avoid interest penalty

Posted: 28th Feb 2023 by Clair Watmore Taxation

Taxpayers have until Friday 3 March to pay 2021/22 self assessment tax bills or face penalties equal to 5% of the outstanding tax. The first late payment penalty is calculated at 5% of the amount for 2021/22 still outstanding on 3 March 2023. If you agree a time to pay arrangement with HMRC and do… Read more

What can businesses expect from 2023’s Spring Budget?

Posted: 28th Feb 2023 by Clair Watmore Budget, Business Advice General, Inheritance Tax, Taxation

The future policies for the UK economy, which will be announced in the second budget of Chancellor Jeremy Hunt, could be one of the most difficult to predict for a long time. This follows on from an Autumn Statement in November 2022 which came at a time when inflation was increasing quickly and the stock and… Read more

Year end tax planning guide

Posted: 16th Feb 2023 by Clair Watmore investments, Taxation

Checking that your personal affairs, your family and business affairs, and your plans for the long term are arranged as tax efficiently as possible is always important: and the period before the end of the tax year, on 5 April 2023, is the best time to do so. This year, such a review may be… Read more

Check your national insurance record before 5 April 2023

Posted: 9th Feb 2023 by Clair Watmore Uncategorised

Those planning to claim the UK state pension, are urged to check their national insurance (NI) record before 5 April 2023. Currently, voluntary contributions can be made to plug gaps back to April 2006, but this will be curtailed from April. The Tax Faculty has created a checklist of actions. National insurance contributions are typically… Read more

Preparing for 2023: what’s to come for HR and employment law

Posted: 12th Jan 2023 by Clair Watmore National Minimum Wage, Payroll

The year 2023 looks set to be an interesting one for the development of individual employment law rights, with a number of Bills currently on their way to become law that will change existing, and provide additional, rights to employees that will help them to better balance their work and personal commitments, which is set… Read more

Autumn Statement 2022 Summary

Posted: 18th Nov 2022 by Clair Watmore Taxation

On 17 November 2022, the government undertook the third fiscal statement in as many  months, against a backdrop of inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government  sought a balanced path to support the economy and return to growth, partially through public spending restraint and partially… Read more

Mini Budget Summary – Update

Posted: 28th Sep 2022 by Clair Watmore Taxation

As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’. Three weeks later, after huge turmoil, a reversal of most of the elements of that plan and a new statement… Read more