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Spring Statement 2025

3/26/2025

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The Budget - Spring Statement 2025

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Whilst we had a spring statement this week, the majority of tax changes were announced in the Autumn Statement before Christmas.  I’d therefore like to use this edition to focus on:

  • Digital income tax – coming from April 2026 for some Sole Traders and Landlords
  • A reminder of Minimum Wage


Read below for more!

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2024 Autumn Statement

10/30/2024

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Budget in Brief...

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The Chancellor delivered her Autumn Statement this week.  There has been a lot of speculation on tax in the last week or so…….  Here are the key points:

  • Employers National Insurance is increased to 15% but for small businesses the first £10,500 is exempt
  • Making changes to Capital Gains Tax and Inheritance Tax
  • Providing a long term view of Corporation tax rates and the annual Investment Allowance
  • Increasing HMRC resources and also tightening up on overdue taxes including interest charged on overdue tax
  • No changes were made to things like ISAs, savings and dividend rates and pension contributions

For more details of the most important points, read on...

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April News

3/26/2024

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April Bank Holiday Round-Up

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I hope you had a good bank holiday!  Hot on the heels of the budget, I thought I’d update you on a few other changes that are taking place at the beginning of the new tax year:

  • Reductions to HMRC helplines now suspended
  • A reminder that from 6th April, more people can claim child benefit
  • Increases in Companies House Fees
  • Changes to National Minimum / Living Wage

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The Budget March 2024

3/6/2024

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The Full Breakdown on the Spring 24 Budget

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The Chancellor delivered his Spring 2024 Budget this week.  There was quite a bit in it and I’ve tried to sum arise the key points below:

  • Freezing tax rates and allowance bands but reducing National Insurance for both employed and self employed by a further 2%
  • Increasing the VAT Threshold to £90,000
  • Increasing the Child Benefit threshold to £60,000 and taper to £80,000
  • Reducing the threshold at which people pay dividend tax to £500
  • Abolishing the tax concessions available to Furnished Holiday Lettings
  • Reducing the Capital Gains Tax Exempt Amount to £3,000 but also reducing the rate of CGT on residential property sales
  • Not budget related, but I have added a section on twin cab vans and recent publicity

Bonus Guide Included

Instead of hard copy tax cards, I have produced a downloadable budget guide which is included at the bottom of this blog.

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2023 Autumn Statement

11/23/2023

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2023 Autumn Statement

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The Chancellor delivered his Autumn Statement this week.  There has been a lot of speculation on tax in the last week or so…….  Here are the key points:


  • The tax, VAT and National Insurance thresholds were not specifically mentioned so for the time being we must assume they are unchanged

  • National Insurance has been reduced

  • Capital expensing has been extended but in practice this does not make a difference to smaller SMEs

  • The extension of some business rate reliefs was announced

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Spring 2023 Budget

3/16/2023

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The Spring 2023 Budget - What's inside?

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Photo by Fabian Blank on Unsplash
The Chancellor delivered his Spring 2023 Budget this week.  With the exception of major changes to pension tax reliefs, the majority of the tax measures that were announced before Christmas and are unchanged:


  • Freezing tax, VAT and National Insurance thresholds and reducing the point at which people pay additional rate tax
  • Reducing the threshold at which people pay dividend tax to £1,000
  • Reducing the Capital Gains Tax Exempt Amount
  • Quarterly Tax Returns for Sole Traders and Landlords (Making Tax Digital) deferred until at least 2026

Find all the details you need to see in the "read below"...

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Autumn Statement 2022 - What's in it for you?

11/17/2022

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Photo by Kelly Sikkema on Unsplash

The Chancellor delivered his Autumn Statement this week.  Many of the measures announced were given much advance coverage and in one or two cases were not as tight as many had predicted.
In this latest blog I've covered the major points of interest for my followers and readers to make sure you get the information you might need.

It's in manageable portions and in plain language to make things easier to follow

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Making Tax Digital - The Next Phase

10/27/2022

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Photo by Jon Tyson on Unsplash
Back in 2015, the then Chancellor made a very bold statement, that it was his intent to ‘abolish the tax return’. 

​In the background, HMRC have been digitising tax services and have recently completed the rollout of VAT and now are working on income tax for sole traders and landlords.

Read on to find out more about the changes and what you might need to start thinking about now, to ensure you and your business is ready.

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September 2022 "Mini Budget"

9/27/2022

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Photo by Towfiqu barbhuiya on Unsplash

​Last week the Chancellor delivered a “mini budget” aimed at stimulating the economy. 

​Many of the measures announced were given much advance coverage but some things were unexpected:



  • Changes to IR35 basically taking us back to where we were
  • Removing the top rate of income tax (England) from April
  • Changes to Stamp Duty

I have set out the main changes below although there remains some uncertainty on some of the transitional rules for things like Capital Allowances. 
​

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Spring Statement 2022

3/28/2022

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Photo by Towfiqu barbhuiya on Unsplash

​This week the Chancellor delivered this year’s spring statement – this was initially intended to be a spending style announcement but following the price of energy increasing to high levels, it did include a little tax. 

​ Here is a summary of what to expect for the 2022/23 tax year – some of the things are not new but I thought it important to remind everyone!

​
  • An increase in the National Insurance threshold to £12,570 from 6th July 
  • The planned increases in National Insurance will continue from 6th April
  • A planned increase in corporation tax from 2023 for some companies continues
  • New temporary loss reliefs for companies and the ‘super deduction’ for qualifying capital expenditure continue
  • The standard rate of Vat for hospitality resumes
  • No changes in tax allowances
  • Increased wages as previously published

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Christmas Party and Trivial Benefits – The Season to be Merry?

10/27/2021

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Photo by Rodion Kutsaev on Unsplash

Normally I have clients looking forward to using their Christmas party allowance (not sole traders or partners) however this year might still be a bit different but I’ve come up with a plan to help if you don’t want to paint the town red!


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Autumn Budget 2021 - January Tax Bills

10/27/2021

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31 January Tax Bills

HMRC have a dedicated page to help you make an arrangement if you are unable to pay your income tax bill.  It’s important you give it 48 hours after your return is filed and then ring HMRC as soon as possible to discuss payment options.  Agents cannot do this and HMRC will want to speak to the taxpayer.  More information is available here https://www.gov.uk/difficulties-paying-hmrc/pay-in-instalments
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Autumn Budget 2021 - Personal Tax

10/27/2021

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Photo by Kelly Sikkema on Unsplash
It has already been announced that Employees NI, Employers NI and dividend tax will all rise by 1.25% to fund the new Social Care Levy. 

​As ever the detail is in the Treasury Papers and here are some things popped out when I had a look at them:



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Autumn Budget 2021 - Company Tax

10/27/2021

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Photo by The New York Public Library on Unsplash
The Autumn 2021 Budget is out and there's lots of information to look through.

The basics of the information you need to see on Company and Business tax can be put into the following four bullet points for you to digest.

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Autumn Budget 2021 - Employing People

10/27/2021

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Photo by Campaign Creators on Unsplash
  • The employment allowance whereby you can save on employers NI will remain at £4,000

  • The living wage will rise to £9.50 per hour

  • Employers National Insurance above £4,000 will rise by 1.25%
​

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Budget 2021 - Employing People

3/3/2021

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Photo by Campaign Creators on Unsplash


The employment allowance remains at £4,000 meaning small businesses only pay Employers NI after this point.  It is worth noting that the threshold at which Employers NI is due is lower than the employees NI threshold of £9,568 at £8,840.

​See what else by reading on below...
​

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Budget 2021 - VAT Threshold

3/3/2021

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The VAT threshold will continue at £85,000 and the lower rate on hospitality will continue at 5% to 30 September and then be subject to an interim rate of 12.5% until 31 March 2022. 

​Care will be needed on using software for VAT returns with Vat quarters that do not coincide with these dates
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Budget 2021 - Business Tax

3/3/2021

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Photo by The New York Public Library on Unsplash



​
Here we explain in bullet points how the 2021 Budget impacts upon  Business Tax .

​With all of the important points to take note of...

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Budget 2021 - Personal Allowances & National Insurance

3/3/2021

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Photo by Kelly Sikkema on Unsplash
The point at which people will pay income increases slightly at £12,570 for 2021/22 and remains frozen until 2026. 

​Spouses and civil partners may transfer £1,257 of their personal allowance to each other.


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31 January Tax Bills

11/30/2020

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Photo by Scott Graham on Unsplash
At the start of the pandemic the Chancellor announced that the July 2020 payment towards the 31 January tax bill could be deferred until 31 January 2021.  For many people this leaves a rather large balancing payment just after a lockdown and Christmas.

Find out more below...

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Self Employment Grant 3

11/30/2020

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Photo by Wouter Beijert on Unsplash
Version 3 of the Self-Employment Income Support Scheme (SEISS) launched 30 November and is paying out upto 80% of annual profits provided you meet certain criteria which are similar to the first 2 tranches.

​See what this means below...
​

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Christmas Party and Trivial Benefits – The Season to be Merry?

11/30/2020

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Photo by Eugene Zhyvchik on Unsplash
Normally I have clients looking forward to using their Christmas party allowance (not sole traders or partners) however this year might be a bit different but I’ve come up with a plan to help!

Why not save the allowance of £150 per person including VAT and 1 guest for when restaurants reopen and use it before the end of the tax year?  Instead have a think about trivial benefits for you and your employees?

A number of restaurants and take aways have become pretty clued up at home delivery service or indeed delivering restaurant meals for you to reheat.  Why not use a £50 trivial benefit to send something like this to an employee (or indeed yourself if you are an employee) – remember maximum 6 of these benefits per year and it must never exceed £50.  A well known restaurant chain is doing a menu where you can get food for 2 (sometimes with house wine) by mail order costing less than £50 including delivery!

If that doesn’t work for you or your employees a gift upto £50 for Christmas is perfectly allowable.  Don’t go over the allowance!  You can’t get the VAT back on the gift.
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Working from Home Help

6/1/2020

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Photo by Thought Catalog on Unsplash
HMRC has relaxed rules that usually restrict reimbursement for spending on office equipment for home workers for the rest of 2020/21 which will help avoid a nasty tax bill. ​

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Motorcycles

6/1/2020

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Photo by Jan Starek on Unsplash
This is a subject I’ve not really written about but it occurred to me that the rules aren’t a strict as for cars powered by traditional fuels.  When we’re being asked to travel alone, it is actually an option worth considering. Here's why...

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Cycle to Work Scheme

6/1/2020

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Photo by Max Bender on Unsplash
Cycling to work isn't such new a concept, but of late, and with workplaces adapting to new ways of working, it has become a popular choice for many of us. So how might this relate to accounting and how might it affect you?

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