On 23rd September 2022 Kwasi Kwarteng, the new Chancellor, delivered a ‘mini’ Budget with some quite significant changes to the tax system. There have been a lot of changes in respect of tax increases announced by the previous Chancellor (& Prime Minister). The following is a summary of the changes which impact small business. National …
On 3rd March 2021, the Chancellor Rishi Sunak delivered the 2021 Budget, which had the task of balancing potential tax hikes to pay for the massive cost of support during the Coronavirus pandemic with helping to kick start a fragile economy coming out of lockdown. There were some interesting announcements, some which will be helpful …
The Chancellor Rishi Sunak delivered his first Budget on 11th March 2020. It was against the backdrop of the development of the Coronavirus, which has turned into a pandemic and is potentially going to have a huge impact on the fabric of society over the coming months. For this reason, there were some business friendly …
Small businesses, employers and buy to let landlords have been hit with a raft of changes over the last few years which have either made their jobs harder or increased the tax they pay. These include workplace pensions, restrictions on tax relief for landlords, the removal of tax relief on goodwill on incorporation, the National …
The Chancellor delivered his 2015 Summer Budget (the second Budget of 2015) on Wednesday 8 June 2015. In stark contrast with the last coalition Budget delivered on 18 March 2015, there were a few important changes which affect small businesses (including a lot of changes announced which come into effect during the next 5 years). …
The Chancellor delivered his 2015 Budget on Wednesday 18 March 2015. We have reviewed the announcements and highlighted the following which will have a direct impact on small business. Income Tax The personal allowance threshold is due to increase to £10,600 from 6 April 2015 and then to £10,800 from April 2016 and to £11,000 …
The Chancellor announced his 2014 Budget on 19 March 2014. The following are some of the major announcements which are relevant to the self employed and small business: Income Tax The personal allowance threshold is due to increase to £10,000 from 6 April 2014 and then to £10,500 from April 2015. This will then align …
The Chancellor announced his 2013 Budget on 20 March 2013. The following are some of the major announcements which are relevant to the self employed and small business: Income Tax The personal allowance threshold is due to increase to £9,440 from 6 April 2013 and then to £10,000 from April 2014. The 40% tax rate …
The Chancellor announced his 2012 Budget on 21 March. The following are some of the major announcements which are relevant to the self employed and small business: Income Tax The personal allowance threshold is due to increase to £8,105 from 6 April 2012. It is set to increase to £9,205 from April 2013. The 40% …