News
Spring Budget 2024
A summary of the key measures announced in the Spring Budget on 6th March 2024 by The Chancellor of the Exchequer, Jeremy Hunt, including the abolition of furnished holiday lettings relief and the non-dom tax status, allowing him to fund another 2% cut in National Insurance and increase the VAT threshold. He also announced plans to reform the High Income Child Benefit Charge.
Spring Budget 2023
A summary of the key measures announced in the Spring Budget on 15th March 2023 by The Chancellor of the Exchequer, Jeremy Hunt, including changes to corporation tax and pension contribution thresholds, ‘full expensing’ deductions, and new childcare provisions.
Reviewing your National Insurance record
Imminent rule changes surrounding voluntary national insurance contributions mean that a quick review of individuals national insurance records could be vital to ensure that the full basic State Pension is received.
November 2022 Autumn Statement
Last week we had the government’s third fiscal statement in three months. It was released at a time of rising inflation and economic recession. Jeremy Hunt laid out three main priorities: stability, growth and public services. After the recent turmoil, the government sought a balanced path to support the economy and return to growth, partially through public spending restraint and partially through tax rises. Below is a summary of the main points.
Mini-Budget: October Update
I wrote a few weeks’ ago to summarise the announcements made by the Chancellor following his Mini Budget. Incredibly, in a short space of time, a significant amount of what was announced has since been changed/reversed. There is now a “Medium-Term Fiscal Plan” where the new Chancellor will publish the government’s fiscal rules alongside an Office for Budget Responsibility forecast, together with what are described as “further measures”.
The changes outlined on 17 October are designed to ensure the UK’s economic stability and provide confidence in the government’s commitment to fiscal discipline.
Mini Budget: 23rd September 2022 – Key Tax Highlights
The Chancellor of the Exchequer delivered a fiscal statement to the House of Commons, outlining cuts to Income Tax, reversal of the NIC increases, scrapping of the planned increase in Corporation Tax, permanent £1m annual investment allowance, unwinding of the 2017 and 2021 off-payroll working rules changes, and cuts to SDLT.
COVID-19: Self-Employed Income Support Scheme (SEISS) – fifth grant now available
The Self-Employed Income Support Scheme is open to those who have annual profits of less than £50,000 and receive at least half their income from self-employment.
Is Counselling Tax Deductible?
For an Employee: The provision by an employer of counselling facilities to an employee represents a chargeable benefit, but in certain circumstances welfare counselling provided by an employer for its employees is exempt from tax.
Spring Update
Following on from the government’s Spring Budget, and as we enter a new tax year, we have brought together some of the main developments that are affecting our clients now, particularly with regard to the ongoing Coronavirus support packages. If you have any questions about the various schemes, grants and reliefs that are available please get in touch with your usual Tayabali & White contact.
Autumn Tax Update
We are now definitely into the autumn and we thought it was time to bring together some of the main developments in the government’s economic response to Covid-19. If you have any questions about the various schemes, grants and reliefs that are available please get in touch with your usual Tayabali & White contact.
There is much more detail than we are able to present here. Various media outlets provide summaries, which you may have seen, but they don’t always get the facts right or complete. So, if you want to read the small print the government’s coronavirus pages have full information. We also highly recommend the Institute of Chartered Accountants Coronavirus hub which contains practical help as well as details of the government’s support packages. And, of course, you can always get in touch with us if you have any questions.
Summer Tax Update
We hope this finds you healthy and continuing to cope with the pressures and difficulties that coronavirus has brought. Below is an update on the most significant new tax developments in the government’s response to the virus.
There is much more detail than we are able to present here. Various media outlets provide summaries, which you may have seen, but they don’t always get the facts right or complete. So, if you want to read the small print the government’s coronavirus pages have full information. We also highly recommend the Institute of Chartered Accountants Coronavirus hub which contains practical help as well as details of the government’s support packages. And, of course, you can always get in touch with us if you have any questions.
Self-employed Income Support Scheme (SEISS)
As you will be aware from recent press coverage, the government are extending the SEISS to allow a second grant claim for sole traders and those in partnerships. The key things to be aware of are:
– You must make your first grant claim under the SEISS by 13th July 2020.
– The previous conditions for the grant to be applicable are the same for the second grant.
– The second grant can be claimed even if the first was not submitted by 13th July 2020.
