Craig Weavers - Lambert Chapman Senior ManagerThe government has been bold with tax cuts which will impact both businesses and individuals.

Individuals have been given good news with the cut in basic rate tax by 1% being brought forward early from April 2023. Additional rate tax payers will be very happy with the scrapping of the 45% rate where earnings are above £150,000.

The decision to scrap the increase in National Insurance rates will be welcomed by businesses at a time where energy costs are increasing significantly which will aid businesses ability to cope.

Businesses have also been given a boost with the scrapping of Corporation tax rate increasing which was due to come in from April 2023. The rate will now remain at the current level of 19%. The annual investment allowance was also kept at the same level of £1m which was due to decrease to £200,000 from April 2023. Whilst this is a positive move for businesses, this is unlikely to be seen as a significant opportunity by many as the levels have been set since 1 January 2019. At a time where costs are increasing with the high inflation, focus will be on preventing balance sheet values from falling.

If you would like a review of future personal or company tax liabilities then please get in touch.

Craig Weavers – Partner

Lambert Chapman Chartered Accountants

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