Last minute tax planning
With only a few days left until the end of the tax year, we'll look at a few last minute tax planning opportunities: Pensions To see how much you can, and should put into your pension, it's best to speak to your independent financial advisor. Anyone...
Key points from Spring Budget 2023
Jeremy Hunt delivered the Spring Budget on 15 March 2023. Full details can be found on the Government site. The key points from Spring Budget 2023 that impact our clients are: Pensions The lifetime allowance charge will be removed from 6 April 2023. The...
Voluntary National Insurance Contributions
Newton Accountants 01242 323 183If you've got a gap in your national insurance contributions, act now, because HMRC have given you more time time to fill the gap. The deadline to fill gaps in your national insurance contributions was 5 April 2023, but this has been...
Start getting your tax return information ready
We know the tax year hasn’t finished yet, but now is a really good time to start thinking about your tax return. You need to submit your information for the period 6 April 2022 to 5 April 2023 by 31 January 2024. Although January 2024 seems like a long...
When should I get an accountant?
You've come up with a great business idea and done loads of research to make sure it'll work. You're now thinking, "When should I get an accountant?" You can hire an accountant at any time, depending on what help you want. However, we recommend you speak to them...
Mini budget update
Mini budget update What a few weeks it’s been! We had a budget which changed a few taxes quite considerably, and now we’ve had the reversal of most of the changes! Oh, and a new Chancellor! When Kwasi Kwarteng announced his mini budget originally, the markets reacted...
How the mini budget impacts the stamp duty you’ll pay
At the mini budget on the 23rd of September 2022 the Chancellor announced cuts to stamp duty land tax (SDLT). They’ve done this by: • Increasing the level at which people begin paying SDLT from £125,000 to £250,000.• increasing the level first-time buyers start...
How the mini budget impacts the national insurance you’ll pay
Impact on employees and employers In April 2022, National Insurance increased by 1.25 percentage points due to the introduction of the “Health and Social Care Levy.” This 1.25 percentage point increase impacted both the national insurance employees pay, and the...
Reversal of plan to scrap the 45% tax rate
Less that two weeks after the government announced it was scrapping the 45% income tax rate, it’s reversed this decision. The 45% rate applies for people earning more than £150,000. At the mini budget on the 23rd of September 2022, the Chancellor announced that from...
How the mini budget impacts IR35
The government has announced that from April 2023 the public and private sector reforms to IR35 off-payroll working will be scrapped. Before the IR35 reforms were brought in in 2017 and 2021, contractors were responsible for determining their employment status...