Tuesday 7th March 2023 Leadership and Business high performance trends - discover what will be critical to your success in the year ahead
Register
The Chancellor says the threshold for when the highest earners start paying the top rate of tax will be brought down from £150,000 to £125,140 and this is effective from April 2023.
“Those earning £150,000 or more will pay just over £1,200 more a year”
The government says about 660,000 people pay the 45% rate of income tax.
Martin Gibbs, Brian Jukes and Emily-Ball Goldfinch give their take on a hugely important 2022 Autumn Statement, as new Chancellor Jeremy Hunt attempts to bring the UK out of recession, rebuild the economy and reduce the national debt.
The annual exempt amount for capital gains tax will be cut from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024.
Individuals should review their investments to consider triggering gains by 5 April 2023 to utilise the £12,300 allowance.
Available as a PDF download, here is our annual tax rates card for the 2022-23 tax year
It is often said that there is a fine line between genius and madness. Never before in my working lifetime have I considered that comparison to be more appropriate to UK fiscal policy
Brian Jukes – Dafferns Tax Partner on 23 September 2022
Having just sat through the so called Mini Budget I can summarise my reaction by a mixture of shock and fear – fear for the future of the UK if the Government’s tax gamble doesn’t pay off, shock in that I have never seen such a dramatic change of direction before
With the ongoing global pandemic, climate change, the switch to electric cars, rising labour costs, supply shortages on the domestic and business fronts, the semi-conductor shortage, fuel and power costs going through the roof, on-going Brexit fallout and pressures on interest rates, it will be a difficult balancing act.
Martin Gibbs – Dafferns Managing Partner, on the March 2022 Spring Statement
Our Budget summary provides an overview of the key announcements arising from the Chancellor’s speech.
Additionally, throughout the summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
Don’t forget, we can help to ensure that your accounts are accurate and fully compliant. We can also suggest strategies to minimise your tax liability and maximise your profitability.
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch.
