If you missed the key points of yesterday’s Autumn Statement or didn’t feel in the right mind frame to take it all in, don’t worry, we’ve condensed all the main points here.
We’ve also included a few useful tips that could help you keep more of your hard-earned cash if you act quickly before some changes come into force.
This particular Scheme will apply to England, Scotland and Wales.
A parallel scheme will be established in Northern Ireland based on the same criteria, offering comparable support but recognising the different market fundamentals.
|0 to £37,700||20%|
|£37,701 to £125,140||40%|
It is important to note that the setting of tax rates and thresholds of Non-Savings, Non-Dividend income for Scottish and Welsh resident taxpayers have been devolved to the Scottish Parliament and the National Assembly of Wales.
National Insurance Thresholds will remain as they are until April 2028.
|Dividend ordinary rate||8.75%||8.75%|
|Dividend upper rate||33.75%||33.75%|
|Dividend additional rate||39.35%||39.35%|
The Employment Allowance, which can be set off against the employer’s National Insurance liability, will remain at £5,000 from April 2023.
If dividends relate to your own company shares,
Do you know the value of your Estate for Inheritance Tax purposes? Remember, after taking into account reliefs and exemptions, inheritance tax is 40%. With planning, you can potentially mitigate that liability and pass more of your assets over to your loved ones rather than HMRC.
It is possible to reduce the Inheritance Tax charge from 40% down to 36% if, on death, you gift 10% of some or all of your assets to charity. In some cases, this can result in the charity and your remaining beneficiaries receiving more of your assets.
You should review your will whenever there is a change of circumstances to ensure that it reflects your current wishes. That could be marriage, divorce, children or grandkids and inheritance etc. Are you confident that your current will takes account of the many tax legislation changes over the years and is tax efficient?
The taxable turnover threshold for determining whether a person must register for VAT will remain at £85,000 and the point at which a person can apply to deregister will also remain at £83,000 until 31st March 2026.
|Age Group/Status||2022/23 rate per hour||2023/24 rate per hour|
|Worker 23 years+||£9.50||£10.42|
|Worker 21 -22||£9.18||£10.18|
|Worker 18 - 20||£6.83||£7.49|
|Worker under 18||£4.81||£5.28|
Before purchasing or leasing a car, consider whether it is beneficial to do so through the company or personally. We can carry out a company car review to look at the impact on both the company and the individual.