Tax Cuts…
From April 2023:
- Basic rate income tax will be slashed from 20% to 19%
- Additional rate income tax (45%) will be thrown out entirely
- The cooperation tax rate will remain 19% and not increase to 25%
Income Tax…
Income tax rates were set to be slashed in 2024 – but the chancellor announced that it’ll be a year earlier. From April 2023, the basic rate of Income Tax will be 19% instead of the current 20%.
National Insurance
The 1.25% hike in NI will reverse from 6th November 2022. On top of that, the Health and Social care Levy announced last year has been scrapped.
Stamp Duty
The thresholds are increasing! This means you’ll be paying less Stamp Duty tax when buying your house.
- No tax on the first £250,000 – up from £125,000
- First-time buyer’s threshold also increased from £300,000 to £450,000
Want to know more?
We understand that your finances can be tricky, that’s why we offer a free consultation to discuss your situation and the next steps! Our accountancy services are available nationwide, including: Accrington, Bamber Bridge, Buckshaw Village, Blackburn, Burnley, Chorley, Colne, Clitheroe, Darwen, Hurst Green, Lancaster, Lostock Hall, Longridge, Leyland, Penwortham, Preston, Skipton and the surrounding areas.
