Blog Search

Archives

Tax measures: Introduction

As has been the case in recent budgets, the speculated radical changes, for example the alignment of CGT rates with income tax rates, were not forthcoming. In fact, fiscal measures were more notable by their absence from the main speech. However, the detail is always in the documentation later published on the government websites. But even here, much of the content is simply confirmation of previously announced policies, albeit with some minor changes – for example in respect of basis period reform.

Given the recently announced tax hike on companies, on National Insurance and on dividend rates, it’s perhaps not surprising that there were no Earth-shattering revelations, but it will surely go down as one of the most muted Budgets in modern times for accountants and tax advisers.

Capital allowances
The temporary increase in the annual investment allowance – to £1 million from £200,000 – is extended until 31 March 2023, coinciding with the end of the super-deduction.

National minimum wage
The recommendations of the Low Pay Commission have been accepted in full by the government. As a result, the National Minimum/Living Wage from April 2022 will be as follows:

Rate from April 2022Current rate
(April 2021 to March 2022)
Increase
National Living Wage
£9.50
£8.91
6.6%
21-22 Year Old Rate
£9.18
£8.36
9.8%
18-20 Year Old Rate
£6.83
£6.56
4.1%
16-17 Year Old Rate
£4.81
£4.62
4.1%
Apprentice Rate
£4.81
£4.30
11.9%
Accommodation Offset
£8.70
£8.36
4.1%
  • Latest news and testimonials

  • Latest News

    • September Q&A

      Q. I have two small businesses which are treated as a group for VAT purposes, so we only submit a single VAT return covering both …

      Read more
    • Making Tax Digital for Business: update

      In July, the Government confirmed that the Summer Finance Bill would be published in September, with the measures dropped from the pre-election Finance Bill being reintroduced …

      Read more
  • Testimonials

    • Partner – Solicitor

      I have worked with SBL over the last 10 years on numerous matters involving owner-managed business. They are professional, personable, knowledgeable and work incredibly hard to provide the best advice to their clients. I would have no hesitation in recommending SBL.

  • Don’t hesitate to ask

    SBL are here to help. With accountancy advice and tax planning experts on hand to guide you and your business on the pathway to success! You can call us on 020 7580 6822, or email us on info@sblaccoutants.com or if you’d prefer you can complete our Free Online Enquiry Form and one of the team will be in touch shortly.

    Don’t hesitate to ask

    Don’t hesitate to ask section
    • This field is for validation purposes and should be left unchanged.

    By submitting my details on this form, I consent to being contacted by a member of the SBL Accountants team by email or telephone. Privacy Policy