Category: Tax

What does the Autumn Budget 2021 mean for me?

Against a backdrop of the continuing pandemic, global supply chain issues, plus significant concerns over rising energy prices and inflation, Chancellor Rishi Sunak has delivered his third UK Budget announcement. So, what was announced? No changes to income tax rates The Government has again stood by its election promise not to raise income tax rates.

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Is salary sacrifice more attractive since the introduction of the Health & Social Care Levy?

We have written previously about how employees exchanging part of their salary and/or bonus for increased pension contributions has become common. We explained how this can be far more attractive than the employee making a direct pension contribution on his/her own behalf. Attractions of salary sacrifice Contributions paid out of an employee’s after-tax pay are

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Do the recent tax changes mean I should look at taking a dividend or bonus from my business again?

The social care announcement on 7 September 2021 increased both national insurance (NICs) and dividend tax from 2022/23. In addition, the March Budget revised corporation tax rates from 2023/24. The combined effect of these announcements might shift the decision of whether to take a dividend or not from your business. We have looked at some examples to see where these shifts might have taken

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Should I start my year-end tax planning now?

Last year, Autumn arrived without an Autumn Budget. In fairness, the Chancellor, Rishi Sunak, had already presented one 2020 Budget. This took place last March, and the pandemic made forecasting for 2021/22 all but impossible. The result was that, for the second year running, the Budget was deferred to the Spring. Whether Mr Sunak’s job

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How should I take my profits from my business?

When business owners choose how to take their profits, there is a compelling argument in favour of pension contributions. Dividends may still be the preferred route for most. However, changes in how they are taxed may drive more directors who do not need the income to use employer pension contributions instead. Remember, since April 2018,

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How could Capital Gains Tax change?

As well as reviewing the operation of capital gains tax (CGT), the Chancellor asked the Office of Tax Simplification to consider “opportunities to simplify the tax”. What changes could emerge and what could this mean for financial planning strategies for our clients? Charging capital gains made by individuals to income tax If you are taxed

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Is Capital Gains Tax going to increase?

On 14 July it emerged the Chancellor had written a letter to the Office of Tax Simplification (OTS) requesting it ‘undertake a review of Capital Gains Tax (CGT)’. Curiously, there was no announcement of the letter on the Treasury website. The tone of the correspondence is distinctly different from Mr Hammond’s letter requesting a simplification

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Could we have a wealth tax in the UK?

It is no secret the Government debt has reached epic levels. With interest rates being as low as they are, it is accepted that servicing the debt may not be as challenging as the size of the debt would (superficially at least) indicate. Low to negative yield Government Bonds (Gilts) are being bought by the

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How does the 2020 Budget affect me?

It is an unbelievable 500 days since the last Budget in October 2018. The Chancellor, Rishi Sunak, has only been in the job a few weeks and to say the Budget will have represented a challenge for him is a massive understatement. Even more so given current world events. Budget Day started with an announcement

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