Salary or Dividend? The present advice to pay a low salary, at or around the £12,570 personal allowance, with the balance in dividends may need to be revisited with the introduction of higher corporation tax rates from 1 April 2023 as company profits in excess of £50,000 are taxed at an effective 26.5% rate.
Budget Special - On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages.
MAKING TAX DIGITAL FOR INCOME TAX DELAYED AGAIN - It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again! The start date will now depend upon the gross business receipts of the individual.