The health and social care levy has been scrapped. From 6 November 2022 the 1.25% additional National Insurance has been removed.
Basic Rate Income Tax will reduce to 19% on 6 April 2023
Additional Rate of Income Tax at 45% will be abolished in England, Wales and Northern Ireland from 6 April 2023 and the 40% Higher Rate will apply instead
The tiered increases of Corporation Tax from 19% to 25% have been scrapped and will remain at 19%.
The onus will once again be on the contractor (agency worker) for determing there employment status.
The AIA was due to reduce back to £200,000 at the end of this tax year but this has now been scrapped.
The SEIS Scheme now allows up to £250,000 for start-up companies and the eligbility criteria has been widened
The Company share option Plan will be doubled from April 2023 from £30,000 to £60,000
New tax efficent investment zones are to be created where further tax breaks will be available to encoruage growth in specific areas of the country
Stamp Duty is now not payable until £250,000+ for home buyers and £425,000+ for first time buyers
As always with these changes if you would like to discuss any of this in further detail and see how some of these Schemes may benefit your business please feel free to get in touch.