The Chancellor of the Exchequer, Jeremy Hunt, has just announced the details of the autumn statement for 2023 and among the changes was a decrease in National Insurance rates for employed and self-employed people but what is the personal allowance for 2024/25 and has that been increased? Continue reading What is the Personal Allowance for 2024/25?
Has Child Benefit Increased?
A lot of benefits were increased in April 2023 in line with the 10.1% inflation rate. Child benefit is one of the things that are included in this increase. Continue reading Has Child Benefit Increased?
Personal Allowance 2023/24
The personal allowance is the amount that you can earn either through working or via a pension payment before you start to pay tax.
The personal allowance for 2023/24 is the subject of much debate due to the increase in the rate of the state pension and also of earnings, because the personal allowance is not increasing from the 2022/23 rate. Continue reading Personal Allowance 2023/24
Capital Gains Tax Changes from 2023
In the Autumn Statement from the Chancellor of the Exchequer, Jeremy Hunt, today (17th November 2022), it was announced that the capital gains tax (CGT) allowance was being reduced with effect from next year.
Higher Rate Tax Bracket Changed
The Chancellor of the Exchequer, Jeremy Hunt, has announced in his Autumn Statement today, 17th November 2022 (otherwise known as the autumn budget) that the higher rate tax bracket would change – that is, the level at which people start paying the top rate of 45% tax will change to £125,140. Continue reading Higher Rate Tax Bracket Changed
Jeremy Hunt Reverses Tax Changes
In the current political turmoil there were always going to be more changes coming after the mini budget and the sacking of ex-Chancellor Kwasi Kwarteng last week.
With Jeremy Hunt’s appointment as the new Chancellor it seemed imperative to make some changes that settled the financial markets and these came swiftly after his appointment, instead of on 31st October as previously promised.
The main change that affects the information that this website provides is the reversal of the 1% drop in the lower rate of income tax that was due to come into effect in April next year.
The lower rate was due to drop from 20% to 19% for earnings over the personal allowance of £12,570 and below £50,270, but this has now been scrapped and the lower rate will remain at 20% for the foreseeable future.
The scrapping of the higher rate of 45% had already been almost immediately reversed and so that will also now stay the same as before.
The scrapping of the increase in National Insurance payments does remain however so that is one thing left from the mini budget.
We will be keeping a check on any further announcements to see if more tax changes are in store.
U-Turn on 45p Tax Rate Cut
It is being reported today that the 45p tax rate cut that was announced in the mini-budget 10 days ago is now going to be scrapped due to the lack of support from the Conservative back benchers. Continue reading U-Turn on 45p Tax Rate Cut
Is the Personal Allowance Increasing in 2023?
The personal allowance is the amount that you can earn each year before you are subject to tax. It has remained pretty static in the last few years but is the personal allowance increasing in 2023?
Continue reading Is the Personal Allowance Increasing in 2023?
Tax Changes September 2022
The Chancellor of the Exchequer, Kwasi Kwarteng, announced today (23rd September 2022) that there would be changes to tax rates from April 2023. The September 2022 tax changes were: Continue reading Tax Changes September 2022
Tax Rates for 2022/23
As we start a new tax year in 2022/23 we are often faced with new tax and personal allowance rates which might mean that we have more take home pay. However, this year, there are not many changes to tax rates and no change to the personal allowance which remains at £12,570.