Capital gains and inheritance tax
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year.
Income tax
The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028.
Dividend tax
Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC).
Income tax cuts next year
In last week’s Budget the Chancellor stunned his audience by announcing that both the basic rate of tax and the highest ‘additional’ rate would be reduced from 6 April 2023.
Why you should get a head start on your self-assessment now
We believe that getting ahead of your taxes is a perfect way to reduce avoidable stress. Here’s why you should get a head start on your self-assessment now.
VAT portal to close
All VAT registered businesses are now required to file VAT returns using MTD-compatible software and keep VAT records in a digital format. This applies from the start of the first VAT period for newly registered businesses.