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National Insurance threshold rises

The long-awaited increase in the threshold for National Insurance contributions (NICs) has come into effect as of today (Wednesday 6 July), rising from £9,880 to £12,570.

Announced in the Spring 2022 Statement by former Chancellor Rishi Sunak, the measure aims to help people hit by the rising cost of living crisis and will benefit 30 million workers in the UK, according to the...

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AAT: Give SMEs further tax relief

Small businesses need more Government support to stay afloat and meet net zero goals, according to the Association of Accounting Technicians (AAT).

In a survey commissioned by the financial body, 67% of SMEs said they would benefit from tax reliefs for specific work in certain areas, known as ‘social offsetting'.

A further 46% of SMEs said lower National Insurance contributions...

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35% increase in higher rate taxpayers since 2019

The number of higher-rate taxpayers is set to increase in 2022-23, with a record 6.1 million individuals expected to pay the higher (40%) or additional (45%) rates of income tax.

The rise comes after the Government froze all UK income tax thresholds for four years in 2021, bringing 6.1 million people into the higher or additional rates for income - compared to 4.3m in 2019.

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IoD calls for permanent super deduction

Members of the Institute of Directors (IoD) are hoping for the current super deduction to be made permanent, according to a recent poll by the group.

The super deduction was introduced in Budget 2021 for two years, to increase levels of business investment to help the economy recover from the COVID19 pandemic.

It allows companies to claim a 130% capital allowance on qualifying...

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ATT concerned over capital allowance reform

The Association of Taxation Technicians (ATT) is concerned that proposed reforms to capital allowances will negatively impact small businesses.

In Spring Statement 2022, new reforms were proposed to the capital allowance regime. In May, the Treasury released a consultation asking for stakeholder views on these changes.

The proposals include a permanent increase to the annual...

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