Category: Tax

Autumn budget – hear my views on BBC Radio Cambridgeshire today 23/11/23

Chancellor Jeremy Hunt used his Autumn Statement to deliver a fiscal pick-me-up for the Conservative backbenchers at the start of an election year with a 2% cut to national insurance, and making the full expensing capital allowance scheme permanent. Here are the relevant points that impact small businesses: For the self employed, Hunt abolished class…

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Save £252 a year with Marriage allowance

Marriage allowance is a tax benefit that allows you to transfer some of your personal allowance to your spouse or civil partner if they earn more than you. Your personal allowance is the amount of income you can earn tax-free each tax year. By transferring some of your personal allowance, you can reduce your partner’s…

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Do I need to repay any of the SEISS Grants I got?

HMRC are now writing to more and more sole-traders who have incorrectly claimed any one of the FIVE SEISS (self employment income support scheme) grants during 2020 and 2021 demanding repayment. You should be aware of the conditions for repayment and make the necessary arrangements to repay sooner rather than wait for HMRC to add…

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October 2021 Autumn Budget headlines

NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…

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