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How will changes to national insurance affect you?

30

June

How will changes to national insurance affect you?

During the 2022 Spring Statement in March, Chancellor Rishi Sunak announced changes to National Insurance that will come into effect on 6th July this year. National Insurance (NI) is a tax that contributes towards your benefits and pensions, and the amount you pay depends on how much you earn. What are these changes and how will they affect you? We run through the answers in this guide.

Spring Statement 2022: What changes did the chancellor announce?

25

March

Spring Statement 2022: What changes did the chancellor announce?

Spring Statement 2022: What changes did the chancellor announce? Chancellor of the Exchequer Rishi Sunak has unveiled a number of measures to mitigate the rising prices of fuel, energy and food in the UK. The announcement was made during the Spring statement 2022, where Mr Sunak noted that the measures were a way to build a ‘strong, more secure economy for the United Kingdom.’ The measures that were announced in the updated budget for 2022 look to tackle the severe impact of inflation which has resulted in financial struggles across the nation. With the cost of living crisis continuing to grow, the worry is that these measures simply aren’t enough.

Latest on Covid Restrictions in England

11

March

Latest on Covid Restrictions in England

As the Covid-19 vaccination programme continues to roll out, the UK government has reduced the current restrictions massively. This article will provide an overview of the latest changes and their implications for small businesses. We hope that this information will be helpful to business owners as they make important decisions about how to protect their employees and operations during this difficult time.

How the UK Autumn budget 2021 can affect your business

02

November

How the UK Autumn budget 2021 can affect your business

Chancellor Rishi Sunak announced the UK’s 2021 Autumn budget this week, setting out the government's tax and spending plans for the next fiscal year. The new budget focuses on higher wages and productivity in order to tackle the ‘post-Covid’ era with an optimistic mindset. The Autumn budget 2021 includes several initiatives that affect small and medium businesses. Here’s a closer look at some of the budget changes and how they can affect your business.

60 day rule for Capital Gains Tax on residential properties explained

31

October

60 day rule for Capital Gains Tax on residential properties explained

Although you might have heard of Capital Gains Tax before, you may not be quite sure what it is. In general terms, it is a tax charged when you sell any capital asset which has risen in value over the time you own it. Property is a common example of an asset to which CGT can apply and something to be aware of when selling. It is also worth noting that Capital Gains Tax for properties is calculated using different rates for different types of property. A recent October 2021 change saw CGT on residential properties having to be reported within 60 days of sale completion. In addition, any taxable gains must be paid within 60 days of sale completion too.

Basis period to be abolished in 2022 for the self employed

28

October

Basis period to be abolished in 2022 for the self employed

HMRC is set to abolish the basis period in 2022 for the self-employed which could impact the income payments of sole traders, freelancers and the self-employed. These changes are intended to bring the filing dates for the Making Tax Digital for income tax (MTD) plan. In essence, this means that many taxpayers will have to pay more in their 2022/23 tax bill.

National Insurance Increase From April 2022

01

October

National Insurance Increase From April 2022

The new rise in National Insurance contribution has been making headlines and this extra tax increase was one of a number proposed by the government in order to cover the increasing costs of the NHS and social care. The National Insurance contribution is a payment all workers make to cover the NHS, social care, the state pension and more. All employees who are over 18 and earning over £184 a week, or if they are self-employed and earning more than £6515, pay National Insurance and the payment stops when they retire. As of 6th April 2022, the annual National Insurance contribution will rise by 1.25% and this will affect millions of workers in the UK.

Super-deduction tax break

01

July

Super-deduction tax break

The UK government has announced a new tax break for companies investing in qualifying plant and machinery assets, allowing them to cut down their tax bills and invest in equipment that will drive growth. What is the super-deduction tax break?

New tax rules on company vehicles and capital allowances

11

May

New tax rules on company vehicles and capital allowances

Many businesses around the UK operate a fleet of company cars which play an integral role in their success. While some companies may be moving towards making their fleet electric, not all are ready to do this just yet. If you do need to replace company cars soon though and plan to go for non-electric, you should know about the latest Government legislation. This saw changes to capital allowance tax rules come into force for organisations from 1st April 2021 and from 6th April 2021 for sole traders/partnerships.