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Firm news, tax planning and finance blogs by our team
We know how important it is for you to be able to find up to date business information, and our people love to share their knowledge about the news, and accounting and tax legislation. Here you will find links to our latest press releases, as well as tax planning and finance blog posts – all written by the Whitley Stimpson team, so you can read our take on topical subjects, and use our advice to help you to run your business. We have also shared the odd blog post or two about what we get up to in our communities, because we are proud to be a part of the areas where we live and work, and to support them where we can.
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Overview of Autumn Statement 2022
Just 34 days into his role as Chancellor of the Exchequer, Jeremy Hunt delivered his Autumn Statement on 17 November.
VAT changes
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026.
Business rates
Properties subject to business rates will be revalued in 2023.
Investment incentives
Investment incentives to promote the establishment of new businesses and to encourage existing businesses to expand will go ahead.
Payroll matters
Payroll matters. Find out here the changes to rates and thresholds that impact on payroll from 2022 – 2023.
Home buyers pay less stamp duty
In September’s mini-Budget the then Chancellor announced that the entry threshold for SDLT payable on residential properties would double to £250,000 for deals completed on or after 23 September 2022. This higher threshold will apply until April 2025.
Tax on dwellings held by companies
Be aware that the ATED charge for 2023-24 to 2027-28 must be based on the property’s open market value on 1 April 2022 and it is up to the property owner to provide that valuation.
Corporation tax up
When the current Prime Minister was Chancellor, he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. Under the previous administration this decision was reversed but the 25% rate will now apply next year.
Capital gains and inheritance tax
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year.
Income tax
The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028.
Dividend tax
Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC).
Four cashflow management strategies
Keeping on top of your cashflow will mean you’ll be less likely to run into financial difficulty. Here are four strategies to follow.
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