Budget 2023: key points you need to know

UK Chancellor Jeremy Hunt gave his Spring Budget yesterday telling MPs “the OBR is now forecasting that there will be no recession”. Worth noting, no extension was given to the super deduction tax which WILL now end 31 March ’23 and the planned Corporation Tax rate increase IS going ahead from April ’23

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ACTION STATIONS: Super Deductions end on 31st March 2023

With the enhanced ‘super deduction’ capital allowance coming to an end, it may be worth making a capital purchase or entering into a contract for such a purchase, over the next few weeks. This needs to be weighed up against commercial need and consideration of the impending corporation tax rises. Here’s what you need to consider

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Deadline to top up national insurance contributions just extended

The government have just extended the deadline for payment for buying back contribution years for state pension from 5 April to 31 July 2023 – taxpayers have extra time to make voluntary national insurance (NI) contributions going back to April 2006. The government has announced that contributions made in this window will be at the 2022/23 voluntary NI rates.

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Skills, Learning and Employment Opportunities – HB attend Broxbourne Council’s Local Strategic Skills Partnership Workshop

Many businesses have vacancies for new staff at the moment but filling the roles is not as straight forward as simply finding a person. Businesses need to employ people with skills: the right skills for a particular industry or business task. Many industries are facing a skills shortage so the spotlight is now on understanding which specific skills local Broxbourne businesses need so that any gaps may be highlighted. This will allow local education organisations to provide the right courses to young people and local residents with the ultimate aim of opening up future employment opportunities. 

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ACTION STATIONS: What you need to know about Corporation Tax Rises

The UK’s main rate of corporation tax will increase from 19% to 25% with effect from 1 April 2023. Not every company will pay at this rate. A small profits rate of 19% will be introduced for companies with annual chargeable profits of £50,000 or less, with a tapered tax band for those with profits between £50,000 and £250,000.

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Check for gaps in your National Insurance record now to avoid pension shortfall

Update: Deadline for voluntary National Insurance contributions extended to April 2025 to check your National Insurance record to enable you to fill in any gaps in your NI contributions. Anyone with a shortfall in their record has until April 2025 to buy back their missed years to qualify for a full state pension

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Year End Tax Planning Guide – 2022-23

Your personal affairs, your family and business affairs, and your plans for the long term, need to be arranged as tax efficiently as possible. The period before the end of the tax year, on 5 April 2023, is the BEST time to do this. Make sure to check out our year end-tax planning guide 2022-23 – a must read, right now, to maximise the opportunities available

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