New Tax Year 2022/23 The 2022/23 tax year begins today, 6 April 2022 and ends on 5 April 2023. Each new tax year has the potential to bring an element of change to individual taxes and business taxes. Over the course of the year, Chancellor Rishi Sunak has announced numerous tax updates which take effect
Spring Statement 2022 Chancellor Rishi Sunak announced his Spring Statement in the Commons today (Wednesday 23rd March). There have been calls for the Chancellor to scrap the health and social care levy, over the past few months, in response to the cost of living squeeze. Pressure was also being applied to introduce a fuel duty
Interest rate increase – what does this mean for late self-assessment payments? HMRC has increased the interest rate for late payments from 2.75% to 3% effective from 21 February 2022. The increase comes as The Bank of England announced an increase in the base rate from 0.25% to 0.5% on 3 February 2022. The 3%
Over the course of the year, the Chancellor has announced some key personal tax updates in both his Spring Budget and Autumn Budget. Many changes are due to take effect from 2022/23. Tax rates and allowances 2022/23 As announced in the Spring Budget earlier this year, the personal allowance of £12,570 and the basic rate
