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This update summarises the main tax changes that were announced by Mr Hunt, with an explanation of what they are likely to mean for your business or your family. If you would like to discuss what these measures mean for your individual circumstances, we will be pleased to help. Significant points: Cuts to employee NICs take [...]
All Quiet on the Tax Front With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March. The General Election is likely to be held later next year, so this Budget [...]
In preparation for the implementation of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) in 2026, a basis period reform is being introduced to place all sole traders and partnerships on a uniform March year-end. Historically, sole traders and partnerships used a non-March year-end as it delayed the tax due dates at the start [...]
We are delighted to announce the recent promotion of Katie Squire to Associate Partner, who has been awarded a shiny new blue pen in recognition of her promotion, reflecting the importance of what she signs as well as the colour of her favourite football club, Chelsea! This is a big step for Katie and for [...]
The Calm Before The Storm? After the multiple fiscal statements in 2022, which often reversed changes that had only recently been announced, the last few months have been relatively tranquil on the tax front. The Budget contained high-profile announcements of changes to childcare and pensions, but the former only begin being phased in next year [...]
If you have any questions on the new tax rates and how they might affect you or your business, please contact us. We have offices in Horsham, Brighton and Reigate and would be happy to discuss your accountancy requirements with you.
Hunt for growth Jeremy Hunt opened his first full Budget speech by declaring that it was a ‘budget for growth’. He emphasised that this would be ‘long term, sustainable, healthy growth’; after all, Kwasi Kwarteng’s ill-fated September speech at the same despatch box was titled ‘the Growth Plan’. The Office for Budget Responsibility reported that there [...]
Tax changes ahead The new tax year starting in April will see personal allowances frozen, as well as cuts to tax exemptions that could increase your tax bills. Your tax-free personal allowance will be frozen for the third year running at £12,570 and the basic rate band also held at £37,700. This means you will [...]
This year we have had four different Chancellors of the Exchequer and three Prime Ministers. There have been three Government fiscal statements this autumn alone and we expect another series of Budget announcements next spring. In this newsletter we set out what you need to know about the tax landscape over the next 12 months, [...]
From 2024/25, all sole trader businesses and landlords will need to keep their business records in a digital format and submit quarterly reports to HMRC using MTD-compatible software. Although the annual self-assessment tax return is being abolished, the new regime will involve more frequent reporting obligations than the old one.
This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review your financial plans regularly as some aspects of the [...]
Back To The Future? It is a tough time for both families and businesses, with higher prices and staff shortages causing difficulties that are witnessed every day, from supermarkets to airports. Those under fifty will struggle to remember such difficult economic times, with inflation at a 40-year high. Whether you're looking for accountants in Horsham [...]
If you have any questions on the new tax rates and how they might affect you or your business, please contact us.
Sunak springs surprises The Chancellor presented two Budgets in 2021 in which he set out a great many details of the tax rates and rules that will apply until April 2026.
Uncertainty now and tax changes to come We live in times of great upheaval. Stock markets are very volatile, inflation is high (and may get higher) and there is a risk of major war in Ukraine. Of course, the pandemic is still with us, although we all hope the worst is over. A
Taxes and wages are rising This autumn, the Chancellor announced that the rates of most classes of National Insurance Contributions (NIC) would temporarily increase by 1.25 percentage points for the year starting 6 April 2022, in order to raise funds for the NHS and social care.
