Tax changes effective this April 2023...

With important tax changes taking place this April, see what action you might take:

Frozen Allowances

Inflation is a gift for the Chancellor when so many tax allowances have been reduced or frozen. As wages increase with inflation, more and more people will get caught by a 40%, 60% or 45% tax rate and many will have to repay child benefit when they didn’t before. 

In this environment, the real tax cost of earnings and profits will increase as time goes on. For example, if you’re planning to refurbish your buy-to-let you might save more real income tax by delaying the refurbishment.

As well as moving into winter with an energy crisis, it's not just the temperature which is freezing. The Chancellor today froze (and reduced) many allowances, going cold on small business growth. 

It turns out the markets were king all along! Today, Jeremy Hunt has tried to demonstrate the government takes the markets, or just good financial management, seriously by reversing a lot of measures announced less than a month ago.

At the beginning of the week, we welcomed new King Charles III. At the end of the week we're asked to welcome another King. Cash in people's and businesses' hands is clearly the new King!