Allowances frozen and cut
It is easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder.
Planning dividends in 2023
Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends.
Investment incentives
Investment incentives to promote the establishment of new businesses and to encourage existing businesses to expand will go ahead.
Corporation tax up
When the current Prime Minister was Chancellor, he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. Under the previous administration this decision was reversed but the 25% rate will now apply next year.
Companies spared tax rise
The new Chancellor Kwasi Kwarteng has decided to keep the main rate of corporation tax at 19% at all profit levels.
Paying your income tax bill
Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.