If there’s one thing the recent hokey cokey of Chancellors and fiscal policy has achieved it has to be a rigorous testing of our sentiment towards taxation. Whilst it is hard to imagine that anyone has found this funny or even useful for personal and commercial planning purposes, as a research case study it provides tremendous insight on public opinion and our threshold for taxation.
From October 2022, HMRC is extending the ability for companies to make regular payments via Direct Debit, specifically for PAYE and national insurance contribution liabilities.
If you’re in the process of writing a will or starting to talk to you family about what your estate looks like, then you may be asking yourself how you can reduce the amount your heirs will be paying in IHT.
There was a lot announced in the mini budget that took place on Friday 23rd September 2022 and it has had a significant impact on markets and currencies ever since.
Our summary of the full statement, helps you understand all of the changes, when they will come into effect and how they might apply to your personal or commercial circumstances.
So, now we know who the winner of the Conservative Party Leadership race and new Prime Minister is, what can we expect from them in terms of tax and spending?
Our latest tax briefing is now available. Click here to download your copy.
If you’re thinking of becoming self-employed, you may be weighing up the choice between incorporating a Limited Company or trading as a sole trader. One of the key things to consider is the amount of personal tax you’ll end up paying, how it is calculated and when you have to pay it. It is subtly different in each case and you also need to be aware of other taxes which apply.
Changes to the rules around IR35 and the legislation being applied rigorously by HMRC is resulting in a number of high profile cases making headlines.
As the runners and riders begin to line up, one thing is for sure, the subject of taxation will play a key part in the election process as each candidate tries to woo their colleagues and prove that they truly are a Conservative Prime Minister.
Yes, a salary of 100k + does still put you in a relatively select group at the top of the UK earners list. Whilst those at the very top of that heap are touching seven-figure salaries, the proportion of those on more than £100k continues to grow.
But with a cost of living crisis, slow growth and record amounts of government borrowing needing to be paid back, if you’re earning £100k or more in the UK, you may find yourself in the spotlight if there are any changes to the income tax bands.
It’s a fair question, especially if you’re on a fixed salary. It would be easy to think that you should just receive a set amount each month based on the total salary, less tax, divided by 12 for monthly pay or 53 for weekly payrolls. But the way tax is calculated is not that straightforward and there are various factors which mean your salary will vary by month. Needless to say, the overall salary amount you get paid over the year evens out to that net figure but it won’t arrive in neat even chunks, and here’s why.
With such uncertain times and increased pressure on personal finances, there’s no better time than the start of the new tax year to do a bit of financial planning. With the cost of living rising (the year to March 2022 inflation sitting at 7%) and energy prices and taxes following suit, it’s important to make the most of allowances and reliefs.