Spring News 2023

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 pay tax at the 40% rate when your total income exceeds £50,270. You can increase your higher rate threshold by making charitable donations under Gift Aid or paying pension contributions.

Click continue reading to read the full article, including information on MTD, Relief for excess mortgage interest, New VAT late payment penalties, National Minimum Wage rises and more.

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