Budget
Stay informed and in control
After every budget update, there is seemingly an endless list of things you have to remember. We’ve created one easy place to get all your relevant updates without trawling the web to find them yourself.
Autumn Statement 2022 – VAT threshold
The VAT registration and deregistration thresholds will remain at their current levels of £85,000 and £83,000 respectively until 1 April 2026.
Autumn Statement 2022 – Energy bills support
The current energy bill support scheme – the energy price guarantee – only runs until April 2023, with a price guarantee levied to help British taxpayers with their rising bills.
Reversal of emergency budget 2022 – income tax and dividend tax
Planned changes to reduce the income tax rate and the dividend tax rates have been reversed in the latest announcement by the chancellor. Income tax will remain at 20% for basic rate tax payers. Dividend taxes will continue at their current rates.
Reversal on Emergency Budget 2022 – Corporation tax rates
Corporation tax rates will still increase from April 2023. This means that, from April 2023, the rate will increase to 25% for companies with profits over £250,000. The 19% rate will become a small profits rate payable by companies with profits of £50,000 or less. Companies with profits between £50,001 and £250,000 will pay tax at the main rate reduced by a marginal relief, providing a gradual increase in the effective corporation tax rate.
Reversal on emergency budget 2022 – Seed Enterprise Investment Scheme
From April 2023, companies will be able to raise up to £250,000 of Seed Enterprise Investment Scheme (SEIS) investment, a two-thirds increase.
Reversal on emergency budget 2022 – Company Share Option Plan
From April 2023, qualifying companies will be able to issue up to £60,000 of Company Share Option Plan (CSOP) options to employees, twice the current £30,000 limit.
Reversal on emergency budget 2022 – Stamp Duty Land Tax
A number of changes are made to the Stamp Duty Land Tax (SDLT) regime. Generally, the changes increase the amount that a purchaser can pay for residential property before they become liable for SDLT.
Reversal on emergency budget 2022 – IR35 and off-payrolling
It has been confirmed that this change will not go ahead and the off-payrolling rules will remain in force.
Reversal on emergency budget 2022 – VAT free shopping areas and Alcohol duties
The government had announced that it would introduce a modern, digital, VAT-free shopping scheme with the aim of providing a boost to the high street and creating jobs in the retail and tourism sectors. However, this change will not go ahead either.
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