 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: |
- Personal allowances will be unchanged to 2025-26
- National insurance thresholds will increase slightly with the exception of the upper earnings limit which will be frozen at £50,270
- Very little change on Car Benefits which means that electric only cars are still very worthy of consideration
- Starting rate for savings limit: maintain at £5,000 for 2022-23
- Adult ISA subscription limit: maintain at £20,000 for 2022-23
- There will also be a change to the way sole traders are taxed with all sole traders being moved to a tax year basis of profits from April 2024 with any additional tax being smoothed over a number of years!
- The Annual Capital Gains Tax Exemption is frozen to 2025/26
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