Category: Personal tax

  • The 2022 Paper Tax Return

    The 2022 Paper Tax Return

    The 2021/22 tax year ended on 5th April 2022, tax returns for that year can now be submitted. It is highly recommended that returns are completed as early as possible in the year, that way nasty surprises are avoided. By leaving things later in the year, there is less time before the tax due for […]

  • National Insurance changes from July 2022

    National Insurance changes from July 2022

    In the recent Spring Statement, several changes to National Insurance were announced. These are not straightforward, and this is further compounded by only applying part way through the new tax year – from 6th July 2022 onwards. The reason why the changes are not introduced from 6th April 2022 is that with short notice, payroll […]

  • Making Tax Digital postponed until 2024

    Making Tax Digital postponed until 2024

    HMRC had been planning to start digital tax from 6th April 2023, however that has now been postponed until 6th April 2024. There have also been some further details of digital tax record-keeping. You do not have to input your income and expenses straightaway if you do not wish to. There were worries that people […]

  • National Insurance increase from April 2022

    National Insurance increase from April 2022

    From April 2022 the rate of National Insurance is to increase by 1.25%. This will apply to both employees(Class 1) and the self-employed(Class 4.) The increase won’t initially affect those above state pension age. However from April 2023 the increase is renamed as a separate 1.25% ‘Health and Social Care Levy’ and the original current […]

  • Dividend Tax Increase from April 2022

    Dividend Tax Increase from April 2022

    The rate of tax on dividend income is to increase from April 2022. At present, there is also a £2,000 annual tax-free allowance for dividend income. There have been no changes announced to this annual limit, however the rate of tax that is charged on dividends above the annual limit is to increase: Income Band […]