Our Budget Summary provides an overview of the main Tax measures arising from the chancellors speech:
A new temporary business rates relief in England for eligible retail, hospitality and leisure properties for 2022/23
A change in the earliest age from which most pension savers can access their pension savings without incurring a tax charge. From April 2028 this will rise from 55 to 57.
The retention of the £1 million annual investment allowance until 31 March 2023
Individuals disposing of UK property on or after 27 October 2021 now have a 60 day CGT reporting and payment deadline, following the completion of the disposal.
Capital gains tax annual exempt amount has been frozen at £12,300 for individuals and £6,150 for trusts.
SMEs applying for R&D tax credits will be eligible to a maximum of £20,000 in repayments per year plus three times the company’s total PAYE and NIC liability.
Trading losses will have more flexibility to carry them back over three years. This applies only for losses incurred by companies for accounting periods ending between 1 April 2020 and 31 March 2022, and for individual for trade losses of tax years 2020/21 and 2021/22.
The VAT registration and deregistration thresholds will not change for a further period of two years from 1 April 2022.
The reduced rate of VAT of 12.5% ends on 31 March 2022 for the hospitality sector returning to the standard rate of VAT of 20% from 1 April 2022.
It also looks beyond the headlines and offers details on the less-publicised changes that are most likely to have an impact upon your business and your personal finances.
Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
Alison obtained a First class degree in Accountancy and Management at UCLAN University. She then went on to qualify as a certified accountant in 2006 and became a founder member in 2011.
Alison trained at a practice in Liverpool and, within her 10 years there, she developed as an accounts manager and obtained a varied portfolio of clients which has provided her with a range of experience in accounts, audit, VAT and taxation. Alison specialises in giving sound jargon-free advice to a range of small and medium sized businesses.