by Poster | Oct 21, 2022 | Budget
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...
by Poster | Oct 6, 2022 | Budget
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...
by Poster | Oct 5, 2022 | Budget
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...
by Poster | Oct 4, 2022 | Budget
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...
by Poster | Oct 4, 2022 | Budget
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...
by Poster | Sep 30, 2022 | Budget
From April 2023 the additional rate of tax will be decreased to 40% from the current 45%. This means that there will be just one rate of higher income tax, which is 40%. The additional rate of tax applies to income over £150,000. (Note that on 3 October 2022...