What is fiscal drag? The Oxford dictionary defines it as: ‘The deflationary effects of a progressive taxation system on a country’s economy. As wages rise, a higher proportion of income is paid in tax’ The recent comments made by the Chancellor in the Autumn Statement, froze most Income Tax allowance and rates at current levels […]
Readers may have noted that the Chancellor announced a significant reduction in the annual Capital Gains Tax allowance, currently £12,300, from April 2023. It is reducing to £6,000 from April 2023 with a further reduction to £3,000 from April 2024. Taxpayers who are contemplating the disposal of a chargeable asset next year, which […]
Changes to these support payments were announced in the Autumn Statement last month. They include: State Pension – will increase in line with inflation. Cost of living payments – the government will provide households on means-tested benefits with an additional £900 Cost of Living payment in 2023-24. Pensioner households will receive an additional £300 […]
Employers will need to update their systems to reflect the changes in the National Living and Minimum Wage rates from 1 April 2023. They are: Increasing the National Living Wage for those aged 23 and over by 9.7% to £10.42 an hour; Increasing the rate for 21–22-year-olds by 10.9% to £10.18 an hour; Increasing the […]
1 December 2022 – Due date for Corporation Tax payable for the year ended 28 February 2022. 19 December 2022 – PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax electronically the due date is 22 December 2022). 19 December 2022 – Filing deadline for the CIS300 monthly […]
This year, 10 of the UK’s largest seasonal employers are expected to hire 234,700 Christmas workers – up 74 per cent on 2021. This growth is largely being driven by the likes of Amazon but businesses of all shapes and sizes throughout the land are currently advertising for extra help to cover the busy festive […]
This month’s Autumn Statement has led to an onslaught of headlines featuring the phrase ‘fiscal drag’. Sometimes referred to as a ‘stealth tax’ the term doesn’t normally move beyond the Westminster bubble or the financial pages so why is it currently causing so much of a stir? To understand why commentators are getting so animated […]
More than 27 million households across Great Britain have been given their first £66 payment towards their energy bills. The Government’s Energy Bills Support Scheme (EBSS) has already handed out £1.8 billion in payments to 9 per cent of eligible households in England, Scotland and Wales in its first month. This is the first payment […]
Low-paid workers were given a welcome boost in Jeremy Hunt’s Autumn Statement with the announcement that the National Living Wage (NLW) would rise by almost 10 per cent. From April 1 2023, the NLW will go up by 92p to £10.42, an increase of 9.7 per cent, to go some way to protecting the poorest […]