After the Chancellor's budget speech yesterday, we've been busy scouring the small print and compiling a comprehensive Budget Briefing setting out what it means to you. Get your copy here:… #Budget2023 #SpringBudget2023 #Tax #Paisley #Glasgow
John M Taylor & Co.
Key points from today's Budget Speech by the Chancellor, watch out for our detailed Budget Briefing landing soon. #Budget2023 #SpringBudget2023 #Tax #Pensions #Paisley #Glasgow
R & D - As previously announced, from 01/04/23, RDEC will increase from 13% to 20%. The SME additional deduction will reduce from 130% to 86% and payable credit from 14.5% to 10% other than for loss making R&D intensive companies. #SpringBudget2023 #Budget2023 #Tax #RandD
John M Taylor & Co.
An increased R&D credit rate will apply to loss-making companies whose R&D expenditure is at least 40% of total expenditure. Qualifying companies will benefit from a 14.5% payable credit rather than 10% as per existing SME Scheme #SpringBudget2023 #Budget2023 #Tax #RandD
The installation of electric vehicle charge points will continue to benefit from 100% first year allowances until 31 March/5 April 2025. #SpringBudget2023 #Budget2023 #Tax #EV
John M Taylor & Co.
Full expensing (100% tax relief) for capital expenditure on new qualifying plant and machinery available to companies, without limit. Unincorporated businesses continue to benefit from Annual Investment Allowance, limited to £1m pa. #SpringBudget2023 #Budget2023 #Tax #Pensions
Pensions - from 6 April 2023, those who have already accessed income from a defined contribution scheme will be able to save up to £10,000 pa into a pension as the money purchase annual allowance increases from £4,000 to £10,000 #SpringBudget2023 #Budget2023 #Tax #Pensions
John M Taylor & Co.
The Chancellor has finished his budget speech, let's see what other surprises are hidden in the fine detail. Watch this space!… #SpringBudget2023 #Budget2023 #Tax #Finance
Lifetime allowance for pension savings, currently £1.073m, to be abolished altogether #SpringBudget2023 #Budget2023 #Tax #Pensions
Pension annual allowance to increase to £60,000 and the lifetime allowance abolished to discourage workers from retiring early for pension/tax reasons #SpringBudget2023 #Budget2023 #Tax #Finance #Pensions
New "returnerships" to be introduced to encourage the over 50s to return to work #SpringBudget2023 #Budget2023 #Tax #Finance
3.5m over 50s not part of the labour force, an increase of 320k since before the pandemic and the 23rd highest in the OECD. #SpringBudget2023 #Budget2023 #Tax #Finance
To support foster parents, qualifying care givers will see their tax free allowance increase from £10,000 to £18,000 #SpringBudget2023 #Budget2023 #Tax #Finance
John M Taylor & Co.
The Chancellor announces that 100% tax relief on capital investment will be available to companies for the next three years to replace the 130% SuperDeduction which ends on 31 March 2023 #SpringBudget2023 #Budget2023 #Tax #Finance
The planned increase in the main rate of corporation tax of 25% to go ahead as planned on 1 April 2023 #SpringBudget2023 #Budget2023 #Tax #Finance
For every £100 spent on R&D, eligible companies will be able to reclaim £27 via R&D tax relief #SpringBudget2023 #Budget2023 #Tax #Finance #RandD
£320m additional funding for the Scottish Government, £180m for Wales and £130m for Northern Ireland as a result of the spending measures announces today #SpringBudget2023 #Budget2023 #Tax #Finance
OBR revise their forecast to show modest shrinkage in the economy of 0.2% in 2023 followed by growth of 1.8% in 2024 and 2.5% in 2025 #SpringBudget2023 #Budget2023 #Tax #Finance
Energy Price Guarantee to remain at £2.5k for the next three months #SpringBudget2023
Inflation set to fall from 10.7% to 2.9% by the end of 2023 according to OBR forecasts #Budget2023
John M Taylor & Co.
All ready for #Budget2023, let's see what the Chancellor has to say as he begins to deliver his spring budget speech #SpringBudget2023
John M Taylor & Co.
With the end of the tax year approaching now is the time to check you are making the most of the tax reliefs and allowances available to you. Check out our #YearEndTaxPlanning guide here:… #TaxPlanning
First year allowances at 100% for electric vehicle chargepoints extended for a further two years until April 2025 #EVs #AutumnStatement2022
John M Taylor & Co.
R&D Tax Reliefs are changing from April 2023 - SMEs will no longer get a 130% enhanced deduction for qualifying expenditure, this is reducing to 86% with the SME payable credit reducing to 10%. RDEC increasing to 20% at the same time. #RandD #Innovation #AutumnStatement2022
John M Taylor & Co.
From April 2025, company car benefit rates for electric vehicles and ultra low emission vehicles will increase by 1% per annum meaning a benefit in kind rate of 5% of list price by 2027/28. Currently 2%, fixed until 5 April 2025. #EVs #ULEVs #CarTax
John M Taylor & Co.
Autumn Statement 2022: Key takeaways for businesses   #Budget2022 #AutumnStatement2022 #Paisley
HMRC reminds families to apply for tax-free childcare worth up to £2,000 per annum:…
IR35 - Off payroll working rules introduced to the public sector in 2017 and the private sector in 2021 to be rolled back. #IR35 still relevant but onus back on the contractor to consider IR35 employment status and apply rules as appropriate #MiniBudget
As Scottish tax rates are set in Holyrood, the cut in the basic rate of income tax that applies from April 2023 in the rest of the UK will not apply in Scotland. The scrapping of the additional rate of tax will however apply across the UK #MiniBudget
Dividend tax rates confirmed as returning to 7.5% and 32.5% from April 2023 to allow the reversal of the Health and Social Care Levy to also benefit those receiving dividend income #minibudget2022 #dividends
John M Taylor & Co.
A VAT-registered business can reclaim the VAT that it incurs on business expenses. Most businesses expect to be able to reclaim all the VAT that they incur on expenditure but there are exceptions to this general rule. Find out more here:… #VAT #inputtax
That's it from the Chancellor, time to see what's hidden in the small print #SpringStatement2022
By 2024 the basic rate of income tax will be reduced from 20% to 19% #SpringStatement2022
Employment Allowance to be increased to £5,000 to help employers from April 2022 #SpringStatement2022
Autumn budget will include further tax incentives to boost capital investment by businesses #SpringStatement2022
The announced increase in the national insurance threshold means that the first £12,570 of income that someone earns per tax year will be free of tax and national insurance from July #SpringStatement2022
National Insurance threshold to be increased to £12,570 from July 2022 #SpringStatement2022
Health and Social Care Levy to remain in place from 6 April #SpringStatement2022
The Chancellor announces the publication of a new tax plan aimed at building a stronger economy whilst cutting taxes #SpringStatement2022
Household Support Fund doubled to £1bn #SpringStatement2022
The Chancellor has announced that fuel duty will be cut by 5p per litre until March 2023 #SpringStatement2022
Making Tax Digital for Income Tax for sole traders/landlords with income above £10,000 a year delayed until April 2024 as announced last month #Budget2021 #MakingTaxDigital
Government intends to consult on the possible introduction of a new Online Sales Tax #Budget2021
No change to Junior ISA subscription limit for 2022/23, unchanged at £9,000 #Budget2021 #ISA
No change to ISA subscription limit for 2022/23, unchanged at £20,000 #Budget2021 #ISA
Duty on tobacco to be increased by 2% above inflation from 6pm tonight #Budget2021
From 6 April 2028, the earliest age at which pensions can be accessed will be increased to 57 #Budget2021 #Pensions
Company van benefit increasing to £3,600 from 6 April 2022, van fuel benefit increasing to £688 #Budget2021
As previously announced the income tax rates payable on dividend income is increasing by 1.25% across all bands from 6 April 2022. Principle tax rates will now be 8.75% (basic rate), 33.75% (higher rate) and 39.35% (additional rate) #Budget2021
The deadline for submission of a CGT return on the sale of UK residential property (and payment of the CGT due) extended to 60 days for disposals after 27 October 2021 #Budget2021

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