David Beckman & Co. is pleased to announce that they can help corporations understand the spring 2023 budget update and how it affects taxation. Individuals interested in understanding the changes can work with their accountants to discuss specifics and determine what they must monitor.
David Beckman & Co. emphasises that personal tax will not change until at least April 2028, giving individuals much-needed relief. The National Insurance thresholds will remain static until then, with the employment allowance remaining at £5,000. However, the National Minimum Wage and National Living Wage rates have increased since 1st April 2023. Capital gains taxes will not change, but the dividend rate bands will reduce the zero rate of tax limit from £2,000 to £1,000 before dropping to £500 on 6 April 2024.
Other items of note in the spring 2023 budget update released by the Chancellor are changing capital gains tax rules to favour separated spouses and civil partners, restricting no gain and no loss transfers for up to three years after the separation date. Pension lifetime allowances have also been increased from £40,000 to £60,000, with the Tapered Annual Allowance increasing to £260,000. Company taxation changes have also occurred, increasing the rate for non-ring fenced profits by 25 percent.
Anyone interested in discussing these or other changes listed in the spring 2023 budget update can find out more by visiting the David Beckman & Co. website or calling 01737 844 322.
About David Beckman & Co. : David Beckman & Co. is an award-winning accounting firm helping UK corporations manage their finances. Their team specialises in working with companies with sales between £250,000 and £750,000 interested in growing their businesses. Their experienced accountants provide valuable advice and services that guarantee results.