One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to access carry-forward, unused annual allowances for the last three tax years if they have made pension savings in those years.

Jeremy Hunt delivered his first Spring Budget today, referring to it as a ‘Budget for Growth.’
The first part of the speech as usual dealt with the economic background and forecasts on which the budget has been based. According to the Chancellor the most recent forecast is that although the economy will not grow this year, it is likely that a technical recession will be avoided. It is expected that the rate of inflation will fall to 2.9% by the end of the year, and the Bank of England will continue to focus their interest rate policy on targeting a long-time inflation rate of 2%.

We will outline some of the opportunities that individuals and businesses may consider taking during the current year ending 5 April 2022, to be more tax efficient.

The October Budget 2021 was a mixture of both positive and negative news for UK residents and businesses. We have highlighted key negative news for both.

What can businesses cheer about from the October 2021 budget? The Chancellor’s speech to parliament on 27 October was a very small yet mixed bag of announcements.

During the past few months, there has been plenty of speculation about what the Chancellor will include in his Budget on 3 March 2021.

As part of the continuing government response to the Coronavirus, Chancellor Rishi Sunak has announced a raft of measures to support the UK economy in a special summer economic update.

 

This was a budget delivered by a new Chancellor against the backdrop of a worsening COVID-19 crisis and recent economic shocks, and as a result the speech was probably very different to the one that was being prepared only a few weeks ago.

Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts. 

In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services through personal service companies.

With the Government already having pledged to end austerity, the Chancellor had to loosen the purse strings in his Autumn Budget. Fortunately, better than expected growth and borrowing forecasts gave scope for a few extra voter-pleasing announcements.

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers. 

 

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers. 

 

Today marked the first Autumn Budget in 20 years and some may say that it was the ‘most important’ of Philip Hammond’s tenure as the Chancellor. It followed in similar suit of the last Budget, with a substantial focus on the UK property market and the governments bid to tackle the need for affordable housing.
 

Today marked the first Autumn Budget in 20 years and some may say that it was the ‘most important’ of Philip Hammond’s tenure as the Chancellor. It followed in similar suit of the last Budget, with a substantial focus on the UK property market and the governments bid to tackle the need for affordable housing.
 

Making Tax Digital (MTD) for business?

Q. Who will benefit from the deferral on MTD?

A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.

Making Tax Digital (MTD) for business?

Q. Who will benefit from the deferral on MTD?

A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.