Dear HMRC
Why we need to talk to you…..
As an unrepresented taxpayer with apparently very simple tax affairs, I find myself needing to call you. I really don’t want to. I have better things to do, but I like to know I’m not going to upset you.
There's been a lot said today, but does it amount to refilling what has been there before or something new? Was there anymore in it than for high earning, beer drinking, car driving, parents with potholes outside their home?
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.
Having a look back at the most common tax areas applicable to our SMEs in 2022. Which of these applied to you and did you get an acceptable result?