News
Autumn Statement 2022 – Headlines
Income Tax
- There were no uplifts to the Personal Allowance.
- From April 2023, the Additional Rate Threshold (ART) is reduced to £125,140 (from £150,000)
- From April 2023 the dividend allowance reduces from £2,000 to £1,000.
- From April 2024 the dividend allowance reduces from £1,000 to £500.
Capital Gains Tax
- From April 2023, the CGT Annual Exempt Amount reduces from £12,300 to £6,000
- From April 2024, the allowance reduces from £6,000 to £3,000
June 2020 – Reinstate your VAT Direct Debits
The deferral of VAT payments under the government’s COVID-19 support package ends on 30 June 2020. Businesses who have taken advantage of this should now reinstate their VAT direct debits in time for their first post 30 June VAT payment date.
Useful Link
https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19#support-for-businesses-through-deferring-vat-and-income-tax-payments
April 2020 – New Rules for Filing and Paying CGT on UK Property
From the 6th April 2020, CGT on all UK residential property sales must be reported by UK residents. A payment on account, for the tax liability, should be made to HMRC within 30 days on completion.
Useful Link
https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax