The exemption for paying Capital Gains Tax (CGT) is changing. The CGT annual exemption will fall from £12,300 to £6,000 from April 2023, before being cut in half again to £3,000 from April 2024. CGT is what you pay on any gains that you make when you come to sell an asset, such as a…
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and spending cuts. These spending cuts and tax rises, he said, would affect everybody and were…
The season of goodwill is just around the corner as Christmas approaches. It is a time of year when employers look to reward their staff for their efforts throughout the year. But they should be aware that certain tax, National Insurance and reporting obligations could apply. We want to ensure that you enjoy the festive…
The status of IR35 or off-payroll working has caused some confusion since the repeals to reforms put forward by former Chancellor Kwasi Kwarteng were subsequently scrapped by new Chancellor Jeremy Hunt. IR35 is tax legislation designed to deal with a form of tax avoidance known as disguised remuneration, where individuals attempt to avoid paying the…
Investing in property can still provide a strong return, but it needs careful planning to achieve the best outcomes. Just buying new properties without a clear strategy would be risky. While it is true that rates of interest continue to increase, as do many of the costs associated with being a landlord, with the correct…
The markets have experienced considerable volatility as a result of the ‘Growth Plan’ delivered by the former Chancellor, Kwasi Kwarteng on 23 September. That made regaining economic confidence an urgent task for the newly appointed Chancellor, Jeremy Hunt, who has delivered a reversal of many of the key tax measures announced in the mini-Budget in…
The Prime Minister has announced that the Corporation Tax increase announced by the previous administration and then cancelled by the former Chancellor Kwasi Kwarteng will take place in April 2023. What does the announcement mean? Companies with profits of £250,000 or more For companies with profits of £250,000 or more, the upper profits limit, the…
In his mini-Budget, the former Chancellor Kwasi Kwarteng announced plans for Tax-Free Investment Zones across England. The Government says these new economic zones will drive growth by lowering taxes and freeing up planning to encourage development and business investment. What are the benefits? These zones will offer a number of advantages to the businesses that…
When the former Chancellor Kwasi Kwarteng announced his changes to the basic rate of Income Tax you may have wondered what it meant for you. From 6 April next year, the basic rate of Income Tax will be reduced by one percentage point – from 20 per cent to 19 per cent. This cut to…
