Following yesterday’s Autumn Statement speech of the chancellor Jeremy Hunt, there are some tax announcements made which soon will be introduced in the Finance Bill for legislation. These include:
- Income Tax and National Insurance contributions thresholds fixed at their current rates until April 2028.
- National Minimum Wage increasing to £10.42 for individuals aged over 23 from April 2023. Higher national minimum rates also for younger individuals and apprentice.
- Income Tax additional rate threshold lowered from £150,000 to £125,140 from 6 April 2023.
- National Insurance contributions secondary threshold fixed at £9,100 from April 2023 until April 2028.
- NI allowance for employers the same at the current £5,000.
- Dividend Allowance reduction from £2,000 to £1,000 from April 2023, and to £500 from April 2024
- Capital Gains Tax Annual Exempt Amount reduction from £12,300 to £6,000 from April 2023 and to £3,000 from April 2024.
- VAT registration threshold maintained at the current level of £85,000 until 2026.
- Corporation Tax rate confirmed with increase to 25% from April 2023 (current rate of 19% stays for companies with profits up to £50,000, higher rate subject to company profits).
To find out more and check how changes will affect you, contact us .
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