October 2022 Newsletter
Released On 15th Nov 2022
Who likes to party and join in with the Hokey Cokey?
GOVERNMENT HEALTH WARNING - There are likely to be further changes to these taxes / rates when the Chancellor delivers his Autumn Statement on 17th November 2022!
With October’s U-turn from Chancellor Jeremy Hunt, it would seem like it’s the Government’s favourite Covid lockdown dance! But, what does it mean for you and your business?
The planned cuts to stamp duty and National Insurance remain in place; the 1.25% rise in National Insurance will be cancelled on 6 November 2022 Corporation Tax will increase from 19% to 25% from April 2023, with lower and marginal rates for taxable profits under £250,000
The basic rate of income tax will remain at 20% and not be cut to 19%
Energy price guarantee will no longer last two years – but for 6 months until April 2023 and then be reviewed
Dividend tax cut will be abolished so the 8.75% basic rate, 33.75% higher rate and the 39.35% additional rates remain in place
Plans to repeal reforms to off-payroll working rules – also known as IR35 rules – will cease
