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Menzies LLP - A leading charteredaccountancy firm. In the 2022 autumn budget, Jeremy Hunt confirmed NIC thresholds would freeze until April 2028. Salary from directorships and employment income is subject to both employee’s and employer’s Class 1 NICs. Introduction. The Health and Social Care levy has been scrapped.
Menzies LLP - A leading charteredaccountancy firm. The lack of clarity about whether the Energy Price Guarantee for companies will continue beyond the start of April and the decision to freeze the National Insurance Contribution (NIC) secondary threshold for employers until April 2028, have been seen as negatives. Conclusion.
Menzies LLP - A leading charteredaccountancy firm. Pensions and ISAs both offer tax advantages and form the foundation of any investment planning. The benefits of both types of investment increase as an individual’s marginal rates of tax rise. Other eligibility and access restrictions also apply. Conclusion.
Menzies LLP - A leading charteredaccountancy firm. Capital gains tax (CGT) has traditionally been a tax that most people could ignore. However, as has happened with higher rate tax, the reach of CGT has been growing and will extend further over the next few years. Don’t sell!
Menzies LLP - A leading charteredaccountancy firm. The basis period reform will not affect businesses with accounting year ends to 5 April or 31 March. It may also be beneficial where there has been a less profitable year of trading and the individual is taxed at a lower rate of incometax in one of the following 5 years.
Menzies LLP - A leading charteredaccountancy firm. in 2028 and 1.8% In the meantime, the OBR predicts households will have an extra annual 500 of disposable income which is unlikely to significantly benefit the sector! Instead, the main focus was on public spending cuts and injections of funding into other sectors.
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