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January February 2023

Welcome to our latest edition.

Welcome to our latest edition. With the current tax year having begun on 6 April 2022, the clock is ticking and it is important to utilise all the tax reliefs and allowances available to you before 5 April 2023 in order to minimise any potential liabilities. On page 08, we look at the way personal tax planning should be at the top of your agenda as the end of the current tax year is not too far away. Taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions.

Time is also running out to take advantage of this year’s Individual Savings Account (ISA) allowances. You get one ISA allowance per tax year. So use it or lose it soon, when the tax year ends on 5 April. Any unused ISA allowance will not be rolled over into the new tax year. On 6 April when the new tax year starts, if you haven’t used all of your or your children’s ISA allowances from the previous tax year, they will be lost forever. Read the full article on page 04.

With a New Year comes resolutions. Everyone should make a resolution to review their protection and estate plans. A solid plan will help you feel confident your family’s finances are secure. While no one knows what is around the corner, reviewing your protection, updating your Will and creating an estate plan will help you rest assured that the financial side of things is taken care of.

On page 07, we look at some of the main considerations. Women make up nearly half of the UK workforce, but many feel forced to reduce their hours at work, pass up promotions and even leave their jobs due to lack of menopause support. On page 12, while symptoms vary between individuals, for many women the menopause can have a big impact on their everyday life. It’s only further down the line that the resulting missed pension contributions become apparent, but by then it may be too late.

Click the cover or download the PDF to read this issue in full.

SPECIAL ISSUE:

Guide to the Autumn Budget Statement 2022

Guide to the Autumn Budget Statement 2022​

Analysis of the key tax changes and outlining the practical implications for you, your family and your business.

The Chancellor of the Exchequer, Jeremy Hunt, delivered on Thursday 17 November the Autumn Statement 2022. Mr Hunt outlined his plans at a time of significant economic challenge for the UK and the global economy as he attempts to fill the black hole in the government’s finances.

The chancellor says his priorities are stability, growth and public services, and he is providing “fair solutions” despite taking “difficult decisions.” Economic stability, Mr Hunt announced, relies on fiscal sustainability – and the Autumn Statement sets out the government’s plan to ensure that national debt falls as a proportion of the economy over the medium term. By reducing debt servicing costs and leaving more money to invest in public services, supporting the Bank of England’s action to control inflation, and giving businesses the stability and confidence they need to invest and grow in the UK, Mr Hunt said this is a “very balanced package,” insisting that decisions were made in a “fair way.” The chancellor says the government’s approach to delivering fiscal sustainability is underpinned by fairness, with those on the highest incomes and making the highest profits paying a larger share.

The Autumn Statement reduces the income tax additional rate threshold from £150,000 to £125,140, increasing taxes for those on high incomes. Income tax, national insurance and inheritance tax thresholds will be maintained at their current levels for a further two years, to April 2028. The government will also reduce the Dividend Allowance and Capital Gains Tax Annual Exempt Amount. The chancellor announced that businesses must also pay their fair share. The Autumn Statement fixes the National Insurance Secondary Threshold at £9,100 until April 2028. Reforms have also been set out to ensure businesses in the energy sector that are making extraordinary profits contribute more.

The Energy Profits Levy will be increased by 10 percentage points to 35% and extended to the end of March 2028. Mr Hunt commented that the Autumn Statement balanced revenue raising and spending restraint whilst protecting vital public services. He said the Autumn Statement confirms that total departmental spending will grow in real terms at 3.7% a year on average over the current Spending Review period.

In our comprehensive guide, we tell you everything you need to know about the chancellor’s tax rises and spending cuts.

Click the cover or download the PDF to read this issue in full.

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