Here at Designated, we aim to help our clients succeed and to support this we are committed to sharing our expertise and experience. This week our team of accountants are available to help you make sense of last week’s budget and how it may affect you and your practice.
If you’d like to have a more in-depth discussion with our finance team, get in touch with Vicky at: Vicky.email@example.com
Here is a quick budget overview from Vicky:
The mini budget has come as a surprise to some, and a real shock to others. Reading all the newspaper coverage can cloud the raw details of the Government’s announcement, so here they are, with no fluff and straight to the point!
- AIA will remain at £1,000,000
- IR35 rules will be reformed, and tax codes will be reviewed
- Income tax rate of 45% to be abolished next year, and income tax (lower threshold) to be 19p in the £1 from April 2023.
- End of the 45p tax rate, paid by those earning more than £150,000, from April 2023.
- 1p cut to the basic rate of income tax brought forward by a year to April 2023
- No stamp duty to be paid on property purchases up to £250,000 and up to £425,000 for first-time buyers
- Scrapping of the bankers’ bonus cap in a bid to boost the city
- Reintroduction of VAT-free shopping for overseas tourists
- Businesses based in 38 new ‘investment zones’ will have taxes slashed and will benefit from the scrapping of planning rules
- Alcohol duty frozen from next year (estimated to be worth 7p on a pint of beer and 38p on a bottle of wine)
- National Insurance contributions increase of 1.2% to be cancelled from 6th November 22
- Cancellation of next year’s planned rise in Corporation Tax, will now remain at 19%
Designated are always here to support you, across all our services. Get in touch with the team to start your conversation.
Phone: 020 7952 1008 Email: firstname.lastname@example.org