Predicted growth in UK economy this year scaled back from 6% to 3.8%. Inflation to average 7.4% in 2022. Additional 1.25% national insurance charge unchanged. Reduction in fuel duty of 5p per litre (worth 6p including VAT) for 12 months.
It feels as though most of us know somebody who knows of "this bloke" (and they do seem to be mostly young males) who has made a small fortune trading in Cryptocurency.
HMRC have sent a "nudge" letter reminding people they have identified as crypto owners that gains on crypto assets are subject to capital
In the run up to today's Budget, several announcements were trailed by press release, for example the increase in the National Minimum Wage from £8.91 to £9.50 for over 22s and the potential lifting of the public sector pay freeze.
There was the usual speculation about changes to pension tax relief and capital gains tax;
What is it? A new tax, set initially at 1.25%, set to raise £12bn per annum to help fund the NHS and social care.
When does it come into force? The levy will begin for the 2022/23 tax year starting on 6 April 2022
Who has to pay? For 2022/23 the levy will be payable
30 day return requirement for property disposals
We are still seeing a number of cases where people making property disposals have been unaware of the requirement to file a special tax return and pay the tax due within 30 days of completion. If this deadline is missed, HMRC will charge penalties and interest
In summary The Budget contained few tax surprises, but the proposals are a serious attempt to ward off recession and mitigate the effects of coronavirus through increased spending.
Proposals include full Statutory Sick Pay reimbursement for small employers, a relaxation of the benefits system to help the self-employed, and a government loan guarantee scheme to
The most wonderful time of the year?
Christmas can be an emotionally charged time for all families.
For families in business together, Christmas can be even more difficult to navigate, and unresolved tensions may surface. If you experience this over the festive period
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