Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. We have prepared a Budget Summary which provides an overview of the key announcements arising from the Chancellor’s 2024 Budget. Throughout the Summary you will find informative comments...
H M Revenue & Customs announced in January 2024 that the payrolling of benefits in kind is to become mandatory. This will reduce the administrative burden on H M Revenue & Customs and employers alike. What are benefits in kind? Benefits in kind are any benefits given by an employer to its employees (or...
With many businesses approaching the end of the accounting period’s final quarter (31st March), this is a perfect opportunity to review your employer pension contributions. For the contributions to be deductible against corporation tax, they must be paid on or before 31st March. From 1 April 2023, the headline (i.e. main) corporation tax rate...
With the end of the tax year approaching, it is a good time to start planning your tax affairs before the 5th April arrives. An obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each). You might also want to consider increasing your pension savings...
On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fuelled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work....
Welcome to the November edition of Tax news. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SALARY OR DIVIDEND BEST IN 2023/24? In recent years many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from...
The Treasury has announced that the Office of Budget Responsibility (OBR) will produce a report on the state of the UK Economy in time for Chancellor Jeremy Hunt to present his Autumn Statement on Wednesday 22 November. Last year the Chancellor announced a number of significant changes, reversing many of the proposals in the...
Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Click here to view the full report. Please don’t hesitate to get in touch should you have any questions. You can contact us...
“On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public...
PK Group have released another guide on the mini budget reversal to inform you of the updated government announcements. Click here to view: Reversal-on-Mini-Budget-22 For more information, please do not hesitate to contact us via welcome@pkgroup.co.uk or +44 (0)20 8334 9953